The Eleventh Federal Home Loan District Cost of Funds Index for October stood at 1.909%, a decline of over 1 basis point from September's 1.923%.This was the third consecutive month that the index has been below the 2% mark, and once again it is at an all-time low. In October 2002, the index stood at 2.708%. For comparative purposes, the monthly average commitment rate for the one-year adjustable-rate mortgage (as reported by the Freddie Mac Primary Mortgage Market Survey) was 3.74% in October. For the same month in 2002, it was 4.27%. COFI is a lagging indicator, and it usually reflects changes in the market that took place three to six months ago. The ARM rate, according to the Freddie Mac survey, bottomed at 3.52% in June, before rising to 3.86% in September.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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