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COFI Jumps, 10-Year Yield Sinks

October COFI 3.125%

November 28, 2008

By MortgageDaily.com staff

The cost of funds index continued its ascension. At the same time, a gauge for long-term mortgage rates plunged.

COFI was 3.125% in October, the Federal Home Loan Bank of San Francisco reported today.

The index rose from 2.769% in September but was still lower than 4.233% in October 2007.

Last month marked the second consecutive month COFI has increased following 13 consecutive months of decline.

The index is calculated based on the interest expense of 11th District banks that are members of the FHLB San Francisco and headquartered in Arizona, California or Nevada. During October, average total funds used in COFI's calculation were $96.1 billion -- tumbling from $105.4 billion in September and likely reflecting the failure of Washington Mutual Bank.

COFI is used as an index on adjustable-rate mortgages. Another index, the London Interbank Offered Rate, was 2.62% on Wednesday, according to Bankrate.com. A month earlier, LIBOR stood at 3.48%.

The one-year Treasury yield, which is often used as an ARM index, was 0.90% today, according to data published by the U.S. Department of the Treasury. At the end of October, the one-year Treasury yield stood at 1.34%.

ARMs accounted for 3.0% of applications tracked by the Mortgage Bankers Association for the week ended Nov. 21.

While COFI moved higher, the 10-year Treasury yield -- which is closely tracked by fixed mortgage rates -- tumbled to 2.93% today, according to data reported by the Wall Street Journal. The 10-year yield stood at around 3.91% on Oct. 30.

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