The 11th District Cost of Funds Index started up again.
After decreasing for the first time in 29 months to 4.346% in October, COFI edged up to 4.358% in November, the Federal Home Loan Bank of San Francisco reported on Friday. In November 2005, it was at 3.190%.
The average total funds used in the latest calculation of the COFI amounted to $491.7 billion, the bank said. COFI, reported on a one-month lag, reflects interest expense for member institutions headquartered in Arizona, California, and Nevada.
COFI is at a lower level than other competing indexes for adjustable-rate mortgage applications, which currently account for 23% of all loan requests. The 1-year Treasury reportedly stood at 5.01% Thursday, and the Monthly Treasury Average was 4.883% in November while the 6-month London Interbank Offered Rate was 5.3495%.