The 11th District Cost of Funds Index climbed to its highest level in nearly a year yet remains within 4 basis points of its all-time low.
During the month of February, COFI — which is utilized to determine rate and payment changes on a small share of adjustable-rate mortgages — was 0.700 percent.
The last time the index was that high was in March 2014, when it stood at 0.701 percent.
Still, COFI is only 4 BPS higher than the record low established in September 2014, when it came in at 0.663 percent.
The index was 0.698 percent in January 2015 and 0.709 percent in February 2014.
COFI is reported by the Federal Home Loan Bank of San Francisco based on interest expense at eligible FHLB members
located in Arizona, California and Nevada.
In February, there were 12 eligible institutions with average total
funds of $16.4 billion.
A more widely utilized ARM index is the yield on the one-year Treasury note, which climbed to 0.22 percent at the end of February from 0.18 percent at the end of January, according to Treasury Department data.
The one-year Treasury yield closed March at
0.26 percent.
ARM share was
9.15 percent in the U.S. Mortgage Market Index report from LoanSifter-Optimal Blue and Mortgage Daily for the week ended March 27.
