Mortgage interest rates dipped this week, 30-year fixed mortgages under 5 percent, based on Freddie Mac's regular weekly survey release.

The U.S. House of Representatives decided Thursday to extend and expand the federal homebuyer tax credit. The legislation passed with a vote of 403 to 12.

Inventories of REO properties are having less of an effect on home prices, according to the California-based real estate data provider Clear Capital.

Fannie Mae announced Thursday that it is implementing a program under which qualifying homeowners facing foreclosure will be able to remain in their homes as renters if they voluntary transfer the property deed back to the lender.

Only a month in, Vicki Bott, the new deputy assistant secretary for single family housing at the Federal Housing Administration (FHA), defended against rumors saying FHA loans were the new subprime.

The U.S. Senate voted Wednesday to extend and expand the popular first-time homebuyer tax credit. The measure cleared the chamber with a vote of 98 to 0.

Pro Teck Valuation Services, a real estate valuation and risk solutions provider headquartered in Waltham, Massachusetts, announced Wednesday that Al Dalupan has joined the company as sales director, business development. Dalupan will be responsible for developing configured valuation solutions for mortgage banks, investors, lenders, and servicers from Pro Teck’s West Coast office.

Mortgage activity rebounded last week, after three straight weeks of waning, according to the Mortgage Bankers Association's (MBA) regular application survey released Wednesday.

GMAC Financial Services posted a $767 million loss for the third quarter of the year, compared to a net loss of $2.5 billion in the third quarter of 2008.

The Federal Reserve Wednesday voted to keep its key federal funds rate at 0 to 0.25 percent, even though economic activity has continued to pick up. The U.S. central bank indicated that it does not plan to raise the rate any time soon.