The Eleventh Federal Home Loan District Cost of Funds Index barely moved in January.The Federal Home Loan Bank of San Francisco has calculated the January COFI at 4.392%, virtually unchanged from December's 4.396%. The monthly results for the Freddie Mac Primary Mortgage Market Survey of the one-year adjustable-rate mortgage show the average rate rising 2 basis points in January and another 4 bps in February. Looking at the weekly results for March 1, the average for the one-year ARM stood at 5.49%, the same level it has recorded for four of the last six weeks, dating back to Jan. 25.
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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.
April 24