The 11th district cost of funds index climbed to its highest level in five years.
COFI was at 4.177% in July, up about nine basis points from June, the Federal Home Loan Bank of San Francisco announced today. In July 2005, the index was 2.757%.
COFI has increased for 26 consecutive months and is at the highest since July 2001, according to the bank's data.
Reported average total funds of $618.6 billion were used in the calculation of July's COFI.
COFI reflects the interest expense member institutions headquartered in Arizona, California and Nevada and is reported by the bank about 30 days following the end of each month.