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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.
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| COFI Teetering Near Record Low
Index down 3 BPS in March
April 30, 2013
By Mortgage Daily staff
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The Cost of Funds Index fell to within a single basis point of its lowest level on record. Also improving was the yield on the one-year Treasury note.
March's COFI came in at 0.967 percent, according to data reported by the Federal Home Loan Bank of San Francisco.
The 11th District index dropped from February, when it was 0.999 percent.
COFI reached an all-time low in January: 0.962 percent.
In March 2012, COFI was 1.163 percent.
The index is based on interest expenses at banks that are FHLB members based in Arizona, California and Nevada.
In the March calculation, $34.2 billion in average total funds were used.
A far more widely used index for adjustable-rate mortgages is the yield on the one-year Treasury note, which fell to 0.14 percent as of the end of March from 0.17 percent at the end of February, according to data supplied by the Department of the Treasury. The one-year yield closed out April at 0.11 percent.
ARMs accounted for 4.9 percent of all rate locks tracked in the U.S. Mortgage Market Index report from LoanSifter and Mortgage Daily for the week ended April 26. |
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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity. |
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