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Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.

COFI, 1-yr Treasury Improve in 2010

December COFI 1.508%

Feb. 1, 2011

By staff

The Cost of Funds Index ended 2010 more than 30 basis points better than it started. A more moderate 18-basis-point improvement was recorded for the one-year Treasury yield during the same period, while LIBOR was slightly worse.

In December, COFI came in at 1.508 percent, the Federal Home Loan Bank of San Francisco reported. The index slipped 6 BPS from November and was well below the 1.828 percent reported for December 2009.

It was the lowest level for COFI since October 2009's 1.259 percent.

December's index was calculated using $36.0 billion in average total funds on deposit at 11th District member banks based in Arizona, California and Nevada. The prior month's COFI was determined based on $35.6 billion in average total funds.

COFI competes with the yield on the one-year Treasury as an index for adjustable-rate mortgages. The one-year yield finished 2010 at 0.29 percent, slightly higher than 0.27 percent at the end of November but dropping from 0.47 percent at the end of 2009, based on data from the Department of the Treasury.

The one-year Treasury yield closed Monday at 0.26 percent.

Another ARM index, the six-month London Interbank Offered Rate, closed out December at 0.46 percent, unchanged from a month earlier, data from indicate. At the end of 2009, LIBOR was 0.43 percent.

LIBOR was 0.46 percent as of last Thursday.

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