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COFI Just Keeps Rising

3.296% average in December

February 1, 2006

By MortgageDaily.com staff

Three key rates rose recently.

The 11th-district cost of funds index averaged 3.296% in December, up 11 basis points from the prior month, the Federal Home Loan Bank of San Francisco said Tuesday. During December 2004, the average was 2.118%.

The index average has reportedly increased without interruption since May 2004, when it was 1.708%.

Average total funds of $583.8 billion were used in the December calculation of the COFI, the bank reported. The COFI, announced about 30 days following the end of each month, is calculated based on the interest expense of member savings institutions headquartered in Arizona, California and Nevada.

The COFI competes for adjustable-rate mortgage applications, which currently account for 31% of all applications, according to the Mortgage Bankers Association today.

Also on Tuesday, the Federal Open Market Committee decided to raise its target for the federal funds rate by 25 basis points to 4.5%.

"Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained," but "possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures," the Fed said.

The Fed added that "some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance."

The fed funds target rate has ascended uninterruptedly since June 2004, when it was raised to 1.25%, according to Fed statements.

On Monday, the 1-year Treasury yield was 4.59%, according to the Federal Reserve, up from 4.51% reported Jan. 25.

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