The Eleventh Federal Home Loan District Cost of Funds Index stayed virtually steady in June, declining by a single basis point.The index, as calculated by the Federal Home Loan Bank of San Francisco, stood at 4.283% in June, compared with 4.293% in May, which saw a 7-bp rise in the index, the first in 2007. Midway through 2007, COFI is 11 bps below the 4.396% recorded for December. For comparative purposes, the Freddie Mac Primary Mortgage Market Survey indicates that the average rate for the one-year adjustable-rate mortgage increased in the same time frame by 23 bps. In December it stood at 5.45%; for June it was 5.68%. Freddie Mac has already released the July results, and in that month the rate increased by another 3 bps. Meanwhile the PMMS shows the average rate on the 30-year fixed-rate mortgage increasing by 52 bps.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25