For the fourth consecutive month, the Cost of Funds Index has risen over the previous month. Another index, though, has been falling.
The 11th District COFI was 0.678 percent as of March.
The index inched up from a month earlier, when it came in at 0.670 percent.
The index is utilized to determine rate and payment changes on some adjustable-rate mortgages, many which are held by Wells Fargo & Co.
But COFI has retreated versus a year earlier, when it stood at 0.687 percent.
The index is reported by the
Federal Home Loan Bank of San Francisco based on interest expenses at FHLB-member banks based in Arizona, California and Nevada.
In March,
average total funds used in determining COFI were $18.7 billion.
The yield on the one-year Treasury note is a more widely utilized ARM index. It closed out March at 0.59 percent, according to Treasury Department data, down from 0.62 percent at the end of February.
As of the end of April, the one-year Treasury yield was down even further — to
0.56 percent.
ARM share in the U.S. Mortgage Market Index report from OpenClose and Mortgage Daily for the week ended April 29 was 11.4 percent, widening from 7.8 percent a week earlier.
