For the fourth consecutive month, the Eleventh Federal Home Loan District Cost of Funds Index has increased.According to the Federal Home Loan Bank of San Francisco, the index for September stood at 1.931%, a rise of nearly 6 basis points from 1.875% in August. Another interesting point is that the new index is slightly above the index for September 2003, when it was 1.923%. COFI is a lagging indicator, generally moving three to six months behind other rates. In May the 10-year Treasury yield, according to data on Yahoo!, ranged from 4.50% to 4.85%. For October the yield ranged from 3.97% to 4.24%, closing at 4.03% on the last business day of October. However, short-term rates are moving in the opposite direction. On May 1, according to data compiled by the Federal Reserve Bank of St. Louis, the secondary-market rate on the one-month certificate of deposit stood at 1.05%. For the week of Oct. 22, the rate was 1.88%. During the same period, the rate on the three-month CD rose from 1.20% to 2.04%, and the six-month CD rate increased from 1.46% to 2.18%.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
3h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
4h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
11h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18