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| COFI Changes Course
Index heads higher
June 3, 2002
By SAM GARCIA
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Following fifteen consecutive monthly declines, the cost of funds index (COFI) for the 11th District savings institutions rose 0.07% -- or seven basis points -- from the prior month to 2.723%. The COFI, which reflects the interest paid by savings institutions in Arizona, California, and Nevada on their various sources of mortgage money, had fallen to its lowest point in decades.
| The Federal Home Loan Bank of San Francisco reports the COFI about thirty days following the end of each month. The monthly COFI reflects the actual interest expenses recognized during a given month by all savings institution members |
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MortgageDaily.com 
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| Last week, the average one-year adjustable rate mortgage (ARM) was reported at 4.76% by Freddie Mac. The ARM is currently two percent below the average 30-year fixed rate mortgage. |
Sam Garcia has been in mortgage lending since 1980, and is the Publisher of MortgageDaily.com. He also owns and operates CloseNow.com, a consumer real estate portal site.
email: [email protected]
Copyright © 2002 Sam Garcia
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