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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 & Other Indices Continue to Fall

August index 1.713%

Oct. 1, 2010

By staff

The Cost of Funds Index was lower in August, and if other indices on adjustable-rate mortgages are any indication -- COFI was fell further last month.

Coming in at 1.713 percent in August, the index was lower than 1.753 percent in July, the Federal Home Loan Bank of San Francisco reported. Historical data from the 11th district indicates COFI was 1.412 percent in August 2009.

The index reflects the interest expense of 21 reporting members of the 11th district, which includes institutions based in Arizona, California and Nevada. Average total funds used in August's calculation were $36.6 billion.

COFI is the ARM index on many negatively amortizing mortgages originated by World Savings and now owned by Wells Fargo & Co. A more traditional ARM index, the yield on the one-year Treasury bill, was 0.25 percent at the end of August, lower than 0.29 percent in July. The one-year yield finished September at 0.27 percent.

Many subprime ARMs utilize the six-month London Interbank Offered Rate as the index. LIBOR finished August at 0.52 percent, sinking from 0.69 percent at the end of July. The index was even lower at the close of September: 0.46 percent.

The Mortgage Bankers Association reported that ARM share of loan applications last week was 6.0 percent.

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