After establishing a new record low for five consecutive months, the Cost of Funds Index turned higher.
COFI fell to 0.768 percent in January — the lowest level on record at that point based on data going back to July 1981.
A new record was set each month thereafter through May, when the index was reported at 0.667 percent.
But the record-setting streak came to an end in June.
The Federal Home Loan Bank of San Francisco reported that COFI inched up to 0.668 percent in June.
Still, the index sat well below 0.954 percent previously reported for June 2013.
COFI reflects the actual interest expense of 13 FHLB-member banks headquartered in Arizona, California and Nevada.
There was $14.7 billion in average total funds used in June’s calculation.
COFI is used an index for some adjustable-rate mortgages.
But a more broadly utilized ARM index is the yield on the one-year Treasury note — which inched up to 0.11 percent at the end of June from 0.10 percent at the end of May. The one-year Treasury yield closed out July at 0.12 percent.
ARM share was 10.8 percent in the U.S. Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily for the week ended July 25.