Another Improvement for COFI
Defying most other adjustable-rate mortgage indices, the cost of funds index continued its descent -- falling to its lowest level in nearly three years.
Wachovia Dumps Neg-Am Loans
Wachovia Corp. is steering away from mortgage programs that result in negative amortization and waiving prepayment penalties for borrowers who want out of some risky programs.
Rates Continue Higher
Fixed mortgage rates rose for the fifth consecutive week to the highest level in 10 months as 1003 loan applications worsened.
Credit, Pricing and Underwriting Technology
A new offering for loan officers helps them show prospective borrowers how to manage their credit scores while building a relationship. Other recent technology solutions focus on pricing and automated underwriting, among other things.
Rates, Apps Deteriorate
As mortgage rates headed higher, the average 30-year fixed-rate mortgage climbed for the fourth consecutive week. The pace of 1003 loan applications reversed from an increase the prior week and fell.
Apps, Fixed Rates Soar
Fixed mortgage rates shot up to their highest level in eight months. But purchase mortgage activity also jumped.
Loan Apps Fall
A decline in variable mortgage rates wasn't enough to slow a decline in new loan applications.
MTA Continues Lower
Even though the average 1-year Treasury yield rose for the third straight month, the monthly Treasury average index continued to decline.
COFI, LIBOR Drop
The cost of funds index has fallen to its lowest level since 2005.
