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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 Down Again

1.412% COFI in August

Sept. 30, 2009

By staff

The cost of funds index has tumbled by nearly half during the past year and sits near its record low.

In August, COFI was 1.412% based on data released today by the 11th District Federal Home Loan Bank of San Francisco.

The index eased from 1.473% in July and was down by nearly half from 2.693% during August 2008. COFI reached a record low in April: 1.380%.

The FHLB determines COFI based on interest expenses at member banks headquartered in Arizona, California and Nevada. In August, average total funds used in the calculation was $90.3 billion.

A more widely used index for adjustable-rate mortgages, the yield on the one-year Treasury bill, ended August at 0.43%, dropping from 0.48% at the end of July. The one-year yield closed today at 0.40%.

The six-month London Interbank Offered Rate finished August at 0.79%, lower than 0.94% at the end of July, according to data published by LIBOR closed today at 0.63%.

ARMs accounted for 6.2% of applications tracked in the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ended Sept. 25.

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