Borrowers whose adjustable-rate mortgages are based on the Cost of Funds Index faced another monthly increase, though the index remains within a basis point of its all-time low.
In September, COFI was quoted at 0.957 percent. The index nudged minimally higher from August, when it was 0.956 percent.
While it was the second consecutive monthly increase, COFIÂ still sits near its record low of 0.951 percent reached in May.
The index was 1.038 percent in September 2012.
COFI, which is reported by the Federal Home Loan Bank of San Francisco, is based on the interest expenses of FHLB members based in Arizona, California and Nevada.
In September, the index was determined based $35.5 billion in average total funds.
COFIÂ is just one of many indices used to determine rate and payment changes on ARMs.
A much more popular ARM index is the yield on the one-year Treasury note, which fell to 0.10 percent at the end of September from 0.13 percent at the end of August, according to Treasury Department data.
The one-year yield closed out October also at 0.10 percent.
In the U.S. Mortgage Market Index from LoanSifter and Mortgage Daily for the week ended Oct. 25, ARM share was 10.7 percent.
