For the second time in the past three months, the Eleventh Federal Home Loan District Cost of Funds Index has increased from a record a low.The index for February, as calculated by the Federal Home Loan Bank of San Francisco, stood at 1.841%, up 3 basis points from its all-time low of 1.811% in January. In December, the index climbed to 1.902% from its then-record low of 1.821%. COFI is one of several popular indices that are used to index adjustable-rate mortgages. Industry observers have noticed an increase in adjustable-rate mortgage activity since the beginning of the year, aided by the extremely low starting rates for ARMs. The Freddie Mac Primary Mortgage Market Survey for March 25 found that the one-year Treasury ARM had an average start rate of 3.36%, the lowest in survey history. The company recently announced changes to the Seller/Servicer guide that would make it easier to sell certain ARM products -- most notably loans indexed to the London interbank offered rate -- by making them a standard product.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18