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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
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 at 4-Year Low

January index 2.455%

February 27, 2009

By MortgageDaily.com staff


The cost of funds index fell to its lowest level in nearly four years.

COFI tumbled to 2.455% during January from 2.757% in December, the Federal Home Loan Bank of San Francisco reported today. A year ago, the index was 3.970%.

The last time COFI was this low was in March 2005, when it stood at 2.400%.

COFI, which is used an index for adjustable-rate mortgages, was calculated based on the interest expense of 11th district members headquartered in Arizona, California and Nevada.

The FHBL determined January's index using $82.0 billion in average total funds.

Another ARM index, the one-year Treasury yield, ended January at 0.51%, up from 0.37% on Dec. 31, 2008, according to data reported by the U.S. Department of the Treasury. The one-year yielded 0.72% at today's close.

The London Interbank Offered Rate -- or LIBOR -- was 1.68% at the end of January, falling from 1.78% at the end of December. LIBOR was 1.75% on Wednesday.

ARMs accounted for 2% of applications tracked in the latest weekly survey from the Mortgage Bankers Association.


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