It was a small increase, but an increase all the same for the Cost of Funds Index. Also rising was the index used on one-year adjustable-rate mortgages.
The 11th District index was reported at 0.970 percent for April, inching up ever so slightly from 0.967 percent the previous month.
COFIÂ has improved, however, from a year earlier, when it came in 17 basis points higher than it did in the latest report.
The index is based on interest expenses of members of the Federal Home Loan Bank of San Francisco headquartered in Arizona, California and Nevada.
April’s index was based on $34.5 billion in average total funds.
COFI is used as an index for some ARMs.
A more widely used index, the yield on the one-year Treasury note, fell to 0.11 percent at the end of April from 0.14 percent at the end of March, according to Treasury Department data. The one-year yield, however, swung back up to 0.14 percent at the end of May.
ARM share was 5.11 percent in the U.S. Mortgage Market Index from LoanSifter and Mortgage Daily for the week ended May 31.
