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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 Holds Near All-Time Low

Index unchanged in July

Sept. 3, 2013

By Mortgage Daily staff

The latest Cost of Funds Index was within a basis point of its lowest level on record. But if another, much more popular, adjustable-rate mortgage index is any indication, COFI is likely to move higher.

COFI, which is used to determined rate and payment adjustments on some ARMs, was 0.954 percent in July.

In June, COFI also came in at 0.954 percent.

COFI fell to its lowest level on record -- 0.951 percent -- in May, according to historical data back to 1981 reported by the Federal Home Loan Bank of San Francisco.

But the 11th District index was lower than 1.094 percent in July 2012.

COFI is determined each month based on the interest expenses at FHLB members with headquarters in Arizona, California and Nevada.

For July's index, $35.0 billion in average total funds were used in the calculation.

The one-year Treasury note yield, which is a much more broadly used ARM index, closed July at 0.11 percent, sinking from 0.15 percent at the end of June.

But the one-year Treasury yield has since climbed back up to 0.13 percent as of the end of August.

ARM share in the U.S. Mortgage Market Index report from LoanSifter and Mortgage Daily for the week ended Aug. 30 was 9.85 percent, down from 10.69 percent one week prior.

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