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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.

COFI Ekes Out Another Record

Index down less than a basis point in June

Aug. 1, 2012

By staff

The Cost of Funds Index has fallen to a new all-time low each of the last four months, though the degree of the decline is diminishing. The one-year Treasury yield tumbled to its lowest level in five months.

COFI, which is used to determine interest rate changes on many adjustable-rate mortgages originated by World Savings and now owned by Wells Fargo & Co., was 1.116 percent in June.

The index fell from 1.118 percent in May. The month-over-month decline was less than a basis point compared to a 2-basis-point drop from April to May.

A new record low has been established each month for COFI since March, when the index stood at 1.163 percent, based on historical data from the Federal Home Loan Bank of San Francisco.

A year earlier, COFI worked out to 1.338 percent.

COFI reflects the interest expense of 11th District FHLB members based in Arizona, California and Nevada. Average total funds used in determining June's index was $33 billion.

The yield on the one-year Treasury note -- a much more widely used index on ARMs -- was 0.21 percent as of June 29, climbing from 0.18 percent in May, according to data from the Department of the Treasury.

The one-year Treasury yield fell to 0.16 percent as of the end of July -- it's lowest level since Feb. 13, when it yielded 0.15 percent.

ARMs accounted for 2.9 percent of all loan pricing inquiries in the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended July 27, weakening from 3.2 percent in the report from seven days earlier.

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