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COFI Cools

1.599% June index

July 31, 2009

By MortgageDaily.com staff


After shooting up in May, the cost of funds index eased in June.

The Federal Home Loan Bank of San Francisco reported today that the cost of funds for its member banks was 1.599% in June. Member institutions are based in Arizona, California and Nevada.

COFI fell from 1.832% in May -- when it shot up 45 basis points after falling to a record-low 1.380% in April, according to the 11th District FHLB.

In June 2008., the index stood at 2.829%.

Average total funds used in last month's calculation were $93.5 billion, down from $96.1 billion the previous month.

While COFI is the index for many negative-amortization adjustable-rate mortgages, a more popular index is the yield on the one-year Treasury bill -- which ended June at 0.56%, rising from 0.47% at the end of May. The one-year yielded 0.48% today.

The yield on the six-month London Interbank Offered Rate closed June at 1.15%, easing from 1.22% at the end of the prior month, according to data reported by Bankrate.com. LIBOR, the index for many subprime ARMs, ended this month at 0.94%.

ARM share rose to 5.5%, the Mortgage Bankers Association reported Wednesday.

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