Indexes on adjustable-rate loans headed in different directions.
The cost of funds index was 4.224% in April, falling from 4.299% the prior month, the Federal Home Loan Bank of San Francisco reported today. A year earlier, the index was 3.759%.
COFI was calculated based on interest expense for $450.2 billion in liabilities on the books of 11th District members headquartered in Arizona, California and Nevada.
The 6-month London Interbank Offered Rate climbed two basis points from April to 5.3844%, Fannie Mae reported Wednesday. That index was 5.3215% a year earlier.
The Federal Reserve reported the 1-year Treasury was 4.96% Wednesday, 6 BPS higher than a month earlier.
COFI, LIBOR and the 1-year Treasury serve as indexes for adjustable-rate mortgages, which the Mortgage Bankers Association said Wednesday represented 17.7% of the latest week's loan applications.