|The 11th District Monthly Cost of Funds Index (COFI) fell to 4.106%, according to an announcement from the Federal Home Loan Bank of San Francisco (FHLB). The COFI was 4.274% the prior month.
This is the eighth consecutive month that the COFI has fallen.
A year ago, the COFI stood at 5.509%.
The monthly COFI is computed from data reported by savings institutions that are members of the Federal Home Loan Bank of San Francisco. For June 2001, 48 institutions in Arizona, California and Nevada reported COFI data.
For the week ending September 27th, Freddie Mac reported the average 1-year adjustable rate mortgage -- which uses Treasury securities with a remaining life of one year as an index -- fell 13 basis points from the prior week to 5.67%.