A new record low was established for the Cost Of Funds Index based on more than three decades of data.
The index was 0.709 percent in February, according to the Federal Home Loan Bank of San Francisco.
COFIÂ already was a record low 0.768 percent in January based on FHLBÂ data back to July 1981.
During the same month in 2013, the index was 0.999 percent.
COFI is determined from the interest expense of FHLB-member banks based in Arizona, California and San Francisco. Average total funds used in February’s calculation was $14.0 billion.
A more competitive ARM index, the yield on the one-year Treasury note, rose to 0.12 percent at the end of February from 0.10 percent at the end of January.
The one-year Treasury yield closed out March at 0.13 percent.
ARM share rose to 13.9 percent in the U.S. Mortgage Market Index report from LoanSifter and Mortgage Daily for the week ended March 28 from 13.7 percent in the previous report.
