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LIBOR, COFI Continue Ascent

May COFI 2.622%, June LIBOR 3.6914%

July 1, 2005

By SAM GARCIA


The 11th District Cost of Funds Index and the London Interbank Offering Rate continued climbing during the most recent month -- with each index at its highest level in a year.

The weighted average COFI, as it is commonly known, rose to 2.622% in May, according to the Federal Home Loan Bank of San Francisco, up from 2.515% the prior month. A year ago the index was at 1.708%.

According to FHLB data, COFI, which is reported about 30 days following the end of each month, has risen for 12 straight months.

COFI is based on the interest expense of member institutions headquartered in Arizona, California and Nevada. During May, average total funds used in the calculation of COFI were $535.7 billion.

The 6-month LIBOR increased for the 16th consecutive month -- rising 16 BPS in June to 3.6914%, according to Fannie Mae.

The rise in the two indexes has occurred even as the benchmark 10-year Treasury yield has tumbled below 4% recently. The 10-year yield ended Thursday at 3.94%.


Sam Garcia has been in mortgage lending since 1980, and is publisher of MortgageDaily.com, MortgageChronicle.com, FraudBlogger.com and CloserBlog.com.

email: [email protected]


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