As other rates continue to rise, the Eleventh Federal Home Loan Cost of Funds Index has set another new low.The rate for April was 1.802%, down a little over 1 basis point from 1.815% in March. As a sign of where the index may be going several months from now, the Freddie Mac Primary Mortgage Market Survey found that the average rate for the one-year adjustable-rate mortgage bottomed out at 3.41% in March, before rising to 3.65% in April and 3.88% in May. The survey found that the one-year ARM hit a peak of 3.86% last September and hovered around 3.75% for three months before starting to fall again in January and February. COFI is known as a lagging index -- its movement is typically three to six months behind that of other indices.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
10h ago -
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.
11h ago -
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.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28