The 11th District Cost of Funds Index rose, again, to its highest level in years.
Reaching its highest level since November 2002, COFI was 2.400% in March, according to the Federal Home Loan Bank of San Francisco Friday. The index was 2.317% the prior month and 1.815% in March 2004.
COFI, announced about 30 days following the end of each month, represents actual interest expenses for Arizona, California, and Nevada savings institution members of San Francisco's FHLB. During March, $516.1 billion average total funds were used in the cost computation.
ARM share currently stands at 35%, according to the latest weekly report from the Mortgage Bankers Association.