After falling to nearly the lowest level ever, the 11th District Cost of Funds Index turned higher in the first month of 2017.
COFI, which is utilized as the index on a small share of legacy adjustable-rate mortgages, was 0.616 percent in January.
The index moved higher compared to the concluding month of last year, when it was calculated to be 0.599 percent.
The December 2016 index level was
the second-lowest level on record based on data back to 1981.
But COFI was still lower than 0.664 percent
as of the initial month of last year.
The Federal Home Loan Bank of San Francisco reported the index on Tuesday based on interest expense at FHLB members based in Arizona, California and Nevada.
Average total funds used in the January 2017 calculation were $15.4 billion.
A much more popular ARM index, the yield on the one-year Treasury note, finished January 2017 at 0.84 percent, down from 0.85 percent as of Dec. 31, 2016, according to the Department of the Treasury. The one-year yield was 2.46 percent in early trading Wednesday.
ARM share
7.8 percent in the U.S. Mortgage Market Index report from OpenClose and Mortgage Daily for the week ended Feb. 24.
