|COFI Continues Tumble
Lowest point in decades for index
February 4, 2002
By MortgageDaily.com staff
The monthly weighted average cost of funds index (COFI) for the 11th District savings institutions fell in December to 3.074%, according to the Federal Home Loan Bank of San Francisco. In November, the COFI was 3.368%.
The average COFI is announced about 30 days after the end of the month being reported.
The COFI, which reflects the interest paid by savings institutions in Arizona, California, and Nevada on their various sources of mortgage money, is at its lowest point in decades.
Last week, mortgage giant Freddie Mac reported in its weekly survey of 125 of thrifts, commercial banks and mortgage lending companies that the average 1-year adjustable rate mortgage (ARM) edged up slightly to 5.12%.