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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.

Another Record Low for COFI

1.380% April index

May 29, 2009

By staff

After reaching the lowest level on record, the Cost of Funds Index set another record.

The Federal Home Loan Bank of San Francisco today reported the April index at 1.380%, down from 1.627% in March -- which was already the lowest level on record.

In April 2008, COFI stood at 3.111%.

The FHLB determines the index based on interest expenses for its member institutions based in Arizona, California and Nevada. Last month, $97.4 billion in average total funds was used in the calculation.

Another index used on adjustable-rate mortgages is the yield on the one-year Treasury bill, which ended April at 0.49%, down from 0.57% at the end of March, according to data from the U.S. Department of the Treasury. The one-year yield closed today at 0.47%.

The six-month London Interbank Offered Rate was 1.58% at the end of April, falling from 1.77% at the end of March, reported. Yesterday, LIBOR was 1.22%.

ARM share stood at 2.6% in the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending May 22.

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