The popular 11th District average cost of funds index, or COFI as it is commonly known, fell closer to its lowest level in decades.
According to the Federal Home Loan Bank of San Francisco, the monthly weighted average COFI fell about five basis points from the prior month to 2.708%. The average is reported about 30 days following the end of each month.
COFI was computed from data reported by 43 member savings institutions headquartered in Arizona, California, and Nevada. The monthly COFI reflects the actual interest expenses recognized during the month by all the members.
COFI reached its lowest point in decades last March, falling to 2.653%.
A year ago, the index was reported at 3.628%.
Thursday, Freddie Mac reported the average one-year adjustable rate mortgage at 4.19%.