According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.91 percent (0.7 point) for the week ending June 6, up 10 basis points over last week. Last year at this time, the 30-year FRM averaged 3.67 percent. Meanwhile, Bankrate's weekly national survey had the 30-year fixed rising to 4.1 percent, its highest level since April 2012. The 15-year fixed increased to 3.28 percent, while the 5/1 ARM rose 12 basis points to 2.93 percent.

Fixer-upper homes might be the solution for potential buyers who are having trouble with snagging a good deal in this low-inventory environment. According RealtyTrac's estimate, there are more than 51,000 of these discounted properties. To help buyers narrow down their search, RealtyTrac ranked the top 15 cities for fixer-uppers. Detroit, Michigan reigned as the best city to buy a fixer-upper. In the Motor City, RealtyTrac found there are 3,773 banked-owned properties built before 1960 that cost under $100,000.

National Mortgage Settlement checks for about $1,480 will be sent starting June 10, with a completion date of June 17. According to releases from different state attorneys general offices, Rust Consulting, the settlement administrator, will mail payments associated with 962,278 loans. According to the mortgage settlement website, about $1.5 billion from the $25 billion settlement will be used to compensate eligible borrowers. In order to be considered for payment relief, borrowers had to submit a valid foreclosure claim.

Household net worth jumped by $3 trillion in the first quarter as real estate values grew $836 billion, the Federal Reserve reported Thursday in its quarterly Flow of Funds report. With a drop in mortgage debt, owners' equity in real estate increased a sharp 2.5 percentage points to its highest level since 2007. Owners' equity as a percentage of real estate value has been on a steady upward trajectory since dropping to 36.3 percent in the first quarter of 2009.

To resolve allegations of housing discrimination, Wells Fargo has agreed to pay over $42 million, of which $39 million will be used support housing programs in over 40 communities nationwide. The National Fair Housing Alliance (NFHA) filed a federal housing discrimination complaint with HUD against Wells Fargo in April 2012. The complaint alleged the bank's REO properties in communities of color were not well maintained and marketed compared to white neighborhoods.

National foreclosure inventory fell to 3.2 percent in April, its lowest level in four years, according to Lender Processing Services' Mortgage Monitor report. The report also revealed a hike in foreclosure sales in judicial states, which stimulated the decline in the national foreclosure inventory. Foreclosure sales in judicial states jumped 17 percent over the month of April and reached their highest level since 2010 when foreclosure moratoria and process reviews brought the foreclosure process to a near halt across the nation, LPS stated.

First-time claims for unemployment insurance fell back to 346,000 for the holiday-shortened week ending June 1, dropping 11,000 after increasing 13,000 one week earlier, the Labor Department reported Thursday.

The Consumer Financial Protection Bureau released updated procedures for examinations of financial institutions and mortgage lenders, which will begin taking place in January of next year. The new procedures, which will be published in the manuals for the Truth in Lending Act and the Equal Credit Opportunity Act, cover a range of topics, including compensation for loan originators, qualification standards for mortgage professionals, consumer rights, arbitration, and appraisals.

A House panel is investigating what it believes is an attempt by Federal Housing Administration (FHA) officials to cover up the full details of the agency's financial troubles regarding its Mutual Mortgage Insurance (MMI) Fund. The House Oversight and Government Reform Committee reviewed emails between FHA and IFE Inc., the firm that conducted the agency's actuarial report last year.