In line with interest rates in general as of late, the monthly 11th District Cost of Funds Index turned modestly lower.
COFI, which is utilized as an index for a small share of adjustable-rate mortgages, landed at 0.69 percent in June.
That was up ever so slightly when compared to one month previous, a month that saw an index of 0.691 percent.
But COFI has risen versus one year prior, when it was 0.659 percent — a record low at the time.
The Federal Home Loan Bank of San Francisco published the index, which is based on interest expense at FHLB-members based on Arizona, California and Nevada.
Average total funds of $19.1 billion were used in the latest month’s calculation.
A far more prevalent ARM index is the yield on the one-year Treasury note, which the Department of the Treasury reported at
0.45 percent as of June 30, sinking from 0.68 percent at the end of May.
More recently, the one-year Treasury yield
rose to 0.50 percent as of the end of July.
In the U.S. Mortgage Market Index report from OpenClose and Mortgage Daily for the week ended July 29, ARM share was 7.1 percent, widening from 6.0 percent seven days earlier.
