The Eleventh Federal Home Loan District Cost of Funds Index reversed course and headed downward again in March, nearly erasing a 3-basis-point rise in February.The index for March, as calculated by the Federal Home Loan Bank of San Francisco, stood at 1.815%; in February it was 1.841%. The March number is the second-lowest point the index has ever reached. The lowest came in January, when COFI stood at 1.811%. COFI is one of several indices popular for setting rates for adjustable-rate mortgages. Its proponents believe one of its benefits is that -- because it is a weighted average of the interest paid by thrifts in California, Arizona, and Nevada on money used to originate mortgages -- it lags other rates by three to six months. Meanwhile, with rates rising, a number of industry sources are reporting an increasing popularity of ARM loans in general.
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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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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23