For the eleventh straight month, savings institutions in the West reported a drop in interest expense.
The April Cost of Funds Index (COFI) sunk to 2.208 percent, down from 2.210 percent in March. That's the lowest it's been since tracking began back in July 1981, according to the COFI website. Last year's April index was 2.723 percent, the website said.
Average total funds were reported at $374.3 billion, down slightly from March's $376.2 billion, said the report, which is issued by Federal Home Loan Bank of San Francisco. Average deposits and "other borrowings" were reported slightly up, while average advances were down to $82.3 billion from last month's $86.8 billion.
The index, which is used in determining many adjustable rate mortgages, is a compilation of data from all savings institutions that are members of the Federal Home Loan Bank of San Francisco.
Last week's one-year Treasury-indexed adjustable-rate mortgage averaged 3.63 percent, according to Freddie Mac. Discount points with this rate averaged 0.6.