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  • Chronos Solutions acquires UPF Services

    Chronos Solutions announced its latest business move, finalizing its acquisition of UPF Services. Matt Slonaker, executive vice president of sales and marketing for Chronos Solutions, first alluded to the acquisition in an interview with HousingWire back in July. Now only a few weeks later, Slonaker and Andrew Gladston, senior vice president of corporate development at Chronos Solutions, revisited with HousingWire to give the full details of the acquisition.

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FHFA: Mortgage interest rate drops in May

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The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders index was 4.18% for loans closed in late May, the Federal Housing Finance Agency said.

Meanwhile, the contract rate on the composite of all mortgage loans dropped to 4.14% from 4.23% in April.

This data reflects market rates from mid- to late- April. The effective interest rate was 4.28%, falling 10 basis points from 4.38% in April.  

The average interest rate on a conventional, 30-year, fixed-rate mortgage of $417,000 or less came in at 4.37% in May, a decrease of 16 basis points, while the average loan amount for all loans hit $282,600 in May, down $1,200 from $283,800 in April.

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