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COFI Heads Further North

Index remains historically low

By MortgageDaily.com staff

August 1, 2002

The COFI index continued to rise, potentially increasing the rate on variable rate mortgage loans tied to the popular index. The index reflects the cost of funds for financial institutions located in the West.

About 30 days after the end of each month, the Federal Home Loan Bank of San Francisco (FHLB) announces the index. The COFI, which is an acronym for Cost of Funds Index, was reported at 2.847% for June, up 0.075% -- or seven and a half basis points -- from the prior month.

This is the third monthly increase for the index, which had previously fallen every month since January 2001. In March, the COFI fell to 2.653% -- its lowest point in decades.

The COFI is used as an index for many adjustable rate mortgages (ARM's). Other popular ARM indices include the Federal Cost of Funds Index, the National Contract Interest Rate and the one-year Treasury bill.

Freddie Mac reported today that the one-year ARM rate averaged 4.45% percent this week, up from 4.31% the prior week.

The COFI is reflective of the actual interest expenses recognized during a given month by all FHLB savings institution members headquartered in Arizona, California, and Nevada. Members include commercial banks, savings institutions, credit unions, and thrift & loan companies. June's COFI was calculated on deposits, advances and other borrowings of $377.3 billion for the member institutions.

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