The Cost of Funds Index has, yet again, managed to squeeze out another decline. Other indices used on adjustable-rate mortgages have seen mixed movement.
As of November, COFI was 1.000 percent. Based on data from as far back as 1981, the index has never been this low.
COFIÂ was 1.011 percent in October and 1.201 percent in November 2011.
The index was announced Monday by the Federal Home Loan Bank of San Francisco.
The 11th District COFI is used to determine rate and payment adjustments on some ARMs.
A far more widely used ARM index is the yield on the one-year Treasury note, which was 0.18 percent at the end of November, unchanged from the end of October.
The one-year yield closed out 2012 at 0.16 percent.
Other ARMÂ indices include the six-month London Interbank Offered Rate, or LIBOR, which fell to 0.53 percent as of November’s end from 0.54 percent a month earlier and finished December at 0.51 percent, and the Monthly Treasury Average, which climbed to 0.17167 percent in November from 0.16583 percent in October.
ARMs accounted for 2.49 percent of all rate locks in the U.S. Mortgage Market Index from Optimal Blue and Mortgage Daily for the week ended Dec. 28.
