The monthly weighted average cost of funds index (COFI) for the 11th District savings institutions fell in December to 3.074%, according to the Federal Home Loan Bank of San Francisco. In November, the COFI was 3.368%.
The average COFI is announced about 30 days after the end of the month being reported. The COFI, which reflects the interest paid by savings institutions in Arizona, California, and Nevada on their various sources of mortgage money, is at its lowest point in decades. Last week, mortgage giant Freddie Mac reported in its weekly survey of 125 of thrifts, commercial banks and mortgage lending companies that the average 1-year adjustable rate mortgage (ARM) edged up slightly to 5.12%. |
||||||||||||||||||||||||||
The Mortgage Bankers Association of America reported that according to last week’s Weekly Mortgage Applications Survey of mortgage bankers, commercial banks and thrifts, ARM applications represented 16.3 percent of total applications, up from 14.6 percent the previous week. | ||||||||||||||||||||||||||
|
FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.
Amortization Calculator
Affordability Calculator
Mortgage Calculator
Refinance Calculator
FHA Mortgage Calculator
VA Mortgage Calculator
Real Estate Calculator
Tags
Pre-Approval Resources!
Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…
Resource Center
Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.
TOP SEARCHED TOPICS
Your mortgages approval starts here.
Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.
Stay Up To Date with Today’s Latest Rates
Mortgage
Today’s rates starting at
Home Refinance
Today’s rates starting at
Home Equity
Today’s rates starting at
HELOC
Today’s rates starting at