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The FHFA has released its March index, which shows mortgage interest rates decreased from February according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.73 percent for loans closed in late March, down 15 basis points. The average interest rate on all mortgage loans was 3.76 percent, down 13 basis points. The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.95 percent, down 16 basis points. The effective interest rate on all mortgage loans was 3.88 percent in March, down 15 basis points. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage. The average loan amount for all loans was $325,000 in March, up $8,300.

HUD has announced a $22,600 Conciliation Agreement between Housing Equality Law Project and the owners and managers of a San Diego-based property management company, settling allegations that they discriminated against persons with disabilities who required the use of assistance animals. The Fair Housing Act prohibits housing providers from denying or limiting housing to persons with disabilities or from refusing to make reasonable accommodations in policies or practices. This includes waiving no pet policies for assistance or service animals.

HUD has announced it is charging the owner of a Springfield, Massachusetts, rental property with violating the Fair Housing Act. The charges allege that the landlord told the family that he would not rent an apartment to them because they had a child under the age of six and were also expecting another baby. They further allege that the landlord had a policy prohibiting children younger than six from residing on the premises and requiring pregnant women to notify the landlord and vacate their apartment. HUD also claims that almost immediately after the complainants filed their complaint with HUD, the landlord began eviction proceedings against them and the wife’s mother.

The Federal Reserve Board has released the statement issued by the Federal Open Market Committee (FOMC) after its March 2016 meeting. The Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent.

The Consumer Financial Protection Bureau has published in today's Federal Register a final rule making final each of the following interim final rules it published in December 2011, subject to intervening amendments: 12 CFR Parts 1002 (Regulation B), 1003 (Regulation C), 1005 (Regulation E), 1006 (Regulation F), 1007 (Regulation G), 1008 (Regulation H), 1009 (Regulation I), 1010 (Regulation J), 1011 (Regulation K), 1012 (Regulation L), 1013 (Regulation M), 1014 (Regulation N), 1015 (Regulation O), 1016 (Regulation P), 1022 (Regulation V), 1024 (Regulation X), 1026 (Regulation Z), and 1030 (Regulation DD). The rule is effective today, with its publication.

The Consumer Financial Protection Bureau has added two new resources to its Regulatory Implementation page:

• Fact sheet for small creditors operating in rural or underserved areas
• Chart on eligibility for making various types of qualified mortgages

The CFPB has released its latest monthly consumer complaint snapshot, this time highlighting consumer complaints related to mortgages. The report shows that consumers continue to encounter servicing problems when they are unable to make payments. This month’s snapshot also highlights trends seen in complaints coming from California.

The Federal Housing Finance Agency (FHFA) has announced its approval of a proposed rule that would, if the proposal is also approved by the Federal Deposit Insurance Corporation, the National Credit Union Association, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the U.S. Securities and Exchange Commission, revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, to implement section 956 of the Dodd-Frank Act. Section 956 generally requires that the Agencies jointly issue regulations or guidelines: (1) prohibiting incentive-based payment arrangements that the Agencies determine encourage inappropriate risks by certain financial institutions by providing excessive compensation or that could lead to material financial loss; and (2) requiring those financial institutions to disclose information concerning incentive-based compensation arrangements to the appropriate Federal regulator. Comptroller Curry issued a statement on the proposal before the FDIC Board approved the proposal.

Update: Published at 81 FR 37669, on 6/10/16, in the Federal Register. Comments due by July 22, 2016.

HUD and the Census Bureau have released their March 2016 new residential sales report. Sales of new single-family houses were at a seasonally adjusted annual rate of 511,000, 1.5 percent below the revised February rate of 519,000 and 5.4 percent above the March 2015 estimate of 485,000. The median sales price of new houses sold was $288,000 and the average sales price was $356,200. The seasonally adjusted estimate of new houses for sale at the end of March was 246,000, which represents a supply of 5.8 months at the current sales rate. An FAQs page on the report was also released.

The CFPB has announced the issuance of consent orders to the debt collection law firm Pressler & Pressler, LLP, two of its principal partners, and New Century Financial Services, Inc., a debt buyer, to stop churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence, and to pay a total of $2.5 million in civil money penalties. See "Lawsuit mill barred and pays $2.5M for churning," in our Penalties pages, for more information.