A West Coast index for a small share of adjustable-rate mortgages has increased for the third consecutive month.
The Cost of Funds Index is based on the interest expense of 11th District members in the Federal Home Loan Bank System.
In December, COFI was 0.692 percent.
The index was up from November, when it stood at 0.686 percent, and has elevated each month since September, when it was 0.663 percent.
COFI was last this high in March 2014, when it landed at 0.701 percent.
In the final month of 2013, COFI came in at 0.784 percent.
December 2014’s average total funds used in the calculation of the index was $15.9 billion.
A more utilized index than COFI is the yield on the one-year Treasury note, which finished 2014 at 0.25 percent, nearly doubling from 0.13 percent at the end of November, according to the Department of the Treasury.
The one-year Treasury yield has retreated so far this year and closed January at
0.18 percent.
ARM share in the
U.S. Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily for the week ended Jan. 30 was 8.9 percent, diminishing from the previous week’s 9.4 percent.
