Index heads down for 15th consecutive month
May 1, 2002
By MortgageDaily.com staff
The cost of funds index -- or COFI -- continued its descent during March to its lowest point in decades. According to an announcement from the Federal Home Loan Bank of San Francisco (FHLB), the monthly weighted average COFI fell to 2.653% in March from 2.744% the prior month.
This is the fifteenth consecutive month that the COFI has fallen.
The COFI reflects the interest paid by 11th District savings institutions in Arizona, California, and Nevada on their various sources of mortgage money. The COFI average is reported by the FHLB about 30 days after the end of each month.