Just a month after declining to the lowest level on record, the 11th District Cost of Funds Index took a turn for the worse.
As of November of this year, COFI, an index for some legacy adjustable-rate mortgages, was calculated at 0.603 percent.
The index increased from a month earlier, when it stood at 0.598 percent — the lowest level on record based on data back to 1981.
A year earlier, the index was 0.644 percent.
COFI is reported by the Federal Home Loan Bank of San Francisco based the interest expense of member banks based on Arizona, California and Nevada.
For November 2016,
average total funds of $15.4 billion were used in the calculation.
A much more widely used ARM index, the yield on the one-year Treasury note,
finished last month at 0.80 percent, according to data from the Department of the Treasury. The one-year yield climbed from 0.66 percent at the end of October.
The one-year Treasury yield finished 2016 at 0.85 percent.
ARM share was
8.7 percent in the U.S  Mortgage Market Index report from OpenClose and Mortgage Daily for the week ended Dec. 30.
