For the second month in a row, the Cost of Funds Index has increased, and it isn’t the only index on the rise.
During the month of November, the 11th District COFI came in at 0.686 percent, up from 0.671 percent the previous month.
It was the second consecutive monthly increase for the index, which fell to the lowest level on record — 0.663 percent — in September.
In November of last year, the index was 0.783 percent — an all-time low at that point.
COFI is reported by the Federal Home Loan Bank of San Francisco.
For November, the indexed was determined
based on $15.8 billion in average total funds for FHLB-members based in Arizona, California and Nevada.
A far more widely used index on adjustable-rate mortgages is the yield on the one-year Treasury note, which increased to 0.13 percent as of the end of November from 0.11 percent at October’s end, according to Department of the Treasury data.
The one-year Treasury yield has since soared, closing out this year at
0.25 percent.
ARM share was 9.8 percent in the the U.S. Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily for the week ended Dec. 26.
