The Eleventh Federal Home Loan District Cost of Funds Index dropped 17 basis points to a record low of 2.537% in November from 2.708% in October, according to data from the Federal Home Loan Bank of San Francisco.The previous low for the index was set in March 2002, at 2.653%. COFI, which lags other rates by three to six months, is calculated from the average interest paid by savings institutions in California, Arizona, and Nevada for their sources of funds.
The Request for Information follows Pres. Trump's March 13 executive order, "Promoting Access to Mortgage Credit," the Bureau said.
Community lenders, mortgage bankers and homeowners associations want more time to gear up for certain changes but officials see reasons to stay on track.
Retail lender Rate separately launched yet another non-mortgage brand, with outdoor saunas and other furnishings following a high-end performance wear line.
June purchase demand strengthened, refinances remained steady and pull-through improved, reversing May losses.
The move is designed to align the two Utah-based businesses under a single unique name and comes two years after the bank acquired the home lender in 2024.
Federal Reserve Bank of Dallas President Lorie Logan said at an event Thursday that conducting monetary policy actions through a third party would improve efficiency and make markets stronger.
