Just a month after establishing an-all time low, the 11th District Cost of Funds Index moved lower and set another new record.
As of March 2017, COFI — an index that is utilized for
some legacy adjustable-rate mortgages — landed at 0.583 percent.
The index declined compared to one month previous, when it worked out to 0.591 percent —
the lowest level on record based on data back to July 1981.
COFI was 0.678 percent exactly one year previous.
The Federal Home Loan Bank of San Francisco reported COFI on Friday based on interest expenses at FHLB members based in Arizona, California and Nevada.
March 2017’s COFI was calculated using $16.6 billion in average total funds.
A far more widely used ARM index, the yield on the one-year Treasury note, closed March at 1.03 percent, according to the Department of the Treasury,
surging from just 0.88 percent at the conclusion of February.
The one-year Treasury yield finished April 2017 at
1.07 percent.
ARM share in the U.S. Mortgage Market Index report from Mortgage Daily and OpenClose for the week ended April 28 was 8.3 percent.
