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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.

No Stopping COFI

1.259% October index

Nov. 30, 2009

By staff

Just when it looked like it couldn't fall any further -- the 11th District cost of funds index set a new record.

COFI fell to 1.259% in October, the Federal Home Loan Bank of San Francisco reported today. The index had already reached a record low 1.272% in September.

During October 2008, COFI was 3.125%.

The index is determined based on the interest expenses of FHLB member banks headquartered in Arizona, California and Nevada. Average total funds used in October's calculation were $90.2 billion.

COFI is used as an index for some adjustable-rate mortgages. A more widely used ARM index -- the yield on the one-year Treasury bill -- finished October at 0.37%, down from 0.40% at the end of September, based on government data. The one-year yield closed at 0.27% today.

The six-month London Interbank Offered Rate was 0.58% at the end of October, falling from 0.63% the previous month, according to LIBOR, which is used as an index on many subprime ARMs, fell to 0.49% Wednesday.

ARMs accounted for 5.3% of applications tracked in the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ended Nov. 20.

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