The Eleventh Federal Home Loan District Cost of Funds Index for September stood at 4.382%, a rise of 10.5 basis points from 4.277% in August.The index is a weighted calculation of the cost of mortgage lending funds used by members of the Federal Home Loan Bank of San Francisco, and is announced on the last day of the following month. In July 2004, the Federal Open Market Committee began a series of 17 increases of the federal funds rate, finally halting at its Aug. 8, 2006 meeting, and taking no action at two meetings since then. The increases totaled 425 basis points. The 30-year fixed rate mortgage reached a low of 5.45% in March 2004, according to the Freddie Mac Primary Mortgage Market Survey. It peaked at 6.76% in July 2006 before falling to 6.36% in October. The same survey shows the one-year adjustable-rate mortgage bottoming at 3.41% in March 2004 and rising to 5.79% this July before falling back to 5.55% in October. From trough to peak, the rise totaled 238 bps. In comparison, COFI bottomed out at 1.708% in May 2004. Since then, it has added 267 bps.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
11h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24