The 11th district cost of funds index is at its highest level since the terrorist attacks on the United States.

The Federal Home Loan Bank of San Francisco reported today that COFI was 3.759% for April, about 14 basis points higher than the prior month and nearly 125 BPS worse than the same month during 2005.

The index has not been this high since September 2001, when it was reported at 3.974%.

COFI is calculated using the interest expense of member institutions headquartered in Arizona, California and Nevada. During April, $593.9 billion in average total funds was used in the calculation.

A competing adjustable-rate mortgage index, the 1-year Treasury, had a yield of 5.02% as of Tuesday, according to the Federal Reserve.