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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.

Record Low COFI (Again)

April index off 2 BPS

June 1, 2012

By staff

It was the second consecutive month that the Cost of Funds Index established a new record.

April's COFI was 1.140 percent. The 11th District index is used to determine interest rate changes on adjustable-rate mortgages.

The latest reading represents yet another milestone for COFI, which is at its lowest level on record based on the oldest available data from July 1981.

A month earlier, COFI came in at 1.163 percent -- an all-time low at that point.

Historical data from the Federal Home Loan Bank of San Francisco indicates that the index was 1.359 percent during the same month last year.

COFI was determined using interest expenses from FHLB San Francisco members headquartered in Arizona, California and Nevada.

The April index was based on average total funds of $33.8 billion.

A more broadly used ARM index, the yield on the one-year Treasury note, ended April at 0.20 percent, slightly higher than 0.19 percent at the end of March but marginally lower than 0.22 percent at the same point in 2011.

The one-year Treasury yield fell Thursday to 0.18 percent.

ARM inquiries accounted for 4.16 percent of all activity in the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily report for the week ended May 25.

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