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COFI Climbs 2nd Consecutive Month

For the second time since last year, the Cost of Funds Index has risen. It was also the second consecutive monthly increase.

The Federal Home Loan Bank of San Francisco announced that COFI was 0.676 percent in July.

The index rose from 0.668 percent in June — a month that ended a five-month record-setting streak.

But COFI came in well below the 0.954 percent level in July 2013.

The index reflects average interest expense at FHLB members based in Arizona, California and Nevada.

Average total funds used in July’s COFI calculation were $14.7 billion.

A more broadly watched index for adjustable-rate mortgages, the yield on the one-year Treasury, ended July at 0.12 percent, a basis point higher than at the end of June, the Treasury Department reported.

However, the one-year yield closed out August down at 0.09 percent.

ARM share was 11.5 percent in the U.S. Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily for the week ended Aug. 29.

ARM share widened from 11.0 percent the previous week.

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