The Eleventh Federal Home Loan Cost of Funds Index fell 15 basis points in October to its lowest level since April.According to the Federal Home Loan Bank of San Francisco, which calculates the index, COFI stood at 4.233% in October, compared with 4.383% in September. In April, the index fell by 7 bps to 4.224%, but gave back all of that in May. The index fell slightly in June and July, but in August shot back up to 4.359%. According to information on the FHLBank's website, this is the first double-digit decline in COFI since November and December of 2002, though there have been a couple of instances since then of declines of over 9 bps. The index is a weighted average of the cost of mortgage funding for the member thrifts of the San Francisco FHLBank. Because it takes these costs into consideration over a period of several months, the movement of COFI tends to lag movements in other rates by three to six months.
-
Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
1h ago -
New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
2h ago -
Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
3h ago -
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28