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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 Increases

Index up 4 BPS during February

March 29, 2013

By Mortgage Daily staff


After falling to an all-time low in January, the Cost of Funds Index inched higher. A much more popular index for adjustable-rate mortgages also rose but has since fallen.

COFI, which is used as an index on some ARMs to determine the amount of rate and payment changes, was 0.999 percent in February.

The index moved up from a month earlier, when COFI was reported at a record-low 0.962 percent. But COFI has retreated from February 2012, when it stood at 1.206 percent.

COFI is determined based on the interest expenses of members of the Federal Home Loan Bank of San Francisco. Eleventh-district FHLB members are headquartered in Arizona, California and Nevada.

For the latest index, $34.0 billion in average total funds was used.

A more widely used ARM index, the yield on the one-year Treasury note, finished February at 0.17 percent, rising from 0.15 percent at the end of January, according to data reported by the Department of the Treasury.

But the one-year Treasury yield has since fallen back, finishing March at 0.14 percent.

ARM share was 4.7 percent in the U.S. Mortgage Market Index report from Optimal Blue and Mortgage Daily for the week ended March 29. ARM share edged up from 4.4 percent in the previous report.

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