In a bit of irony, on the same day the Federal Reserve Board hiked its benchmark target rate by 25 basis points, the Federal Home Loan Bank of San Francisco announced that the Eleventh Federal Home Loan District Cost of Funds Index has reached a new low.For May, COFI was 1.708%, down 10 basis points from April's 1.802%. The Fed's action will have some effect on COFI, as it is a weighted average of the interest paid for money used to originate mortgages by thrifts in Arizona, California, and Nevada. However, because of the weighted average feature, the effect will not be fully felt by borrowers whose adjustable-rate mortgage loans are indexed to COFI until three to six months down the line.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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