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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 Rises

Index at 1.224% in January

March 1, 2012

By staff

It was less than a basis point, but it was still an increase for the Cost of Funds Index. COFI has been a boon for borrowers who rely on the index for rate adjustments to their mortgages.

COFI was 1.224 percent in January.

The index edged up from December, when it stood at 1.221 percent.

But based on historical data from the Federal Home Loan Bank of San Francisco, which calculates the index, COFI stood well below the 1.484 percent reported for January 2011.

The 11th District index is based on interest expenses incurred by FHLB members headquartered in Arizona, California and Nevada. January's COFI reflected average total funds of $34.4 billion.

COFI has been a boon for borrowers that use the index for their adjustable-rate mortgages, including many former World Savings customers whose loans are now owned by Wells Fargo & Co. Before the financial crisis, in December 2007, the index exceeded 4 percent. It subsequently tumbled -- reaching a record-low 1.201 percent in November 2011.

A much more widely used ARM index is the yield on the one-year Treasury note. The Department of the Treasury reported that the one-year yield was 0.13 percent at the end of January, inching up from 0.12 percent at the end of December.

The one-year yield finished February at 0.18 percent.

As COFI and the one-year yield move higher, fewer borrowers are opting for an adjustable rate. ARM share of loan inquiries has fallen from more than 11 percent in July 2011 to less than 5 percent, according to the Mortgage Market Index report from Mortech Inc. and

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