Index heads down for 15th consecutive month
By MortgageDaily.com staff
5/1/2002

The cost of funds index -- or COFI -- continued its descent during March to its lowest point in decades. According to an announcement from the Federal Home Loan Bank of San Francisco (FHLB), the monthly weighted average COFI fell to 2.653% in March from 2.744% the prior month.

This is the fifteenth consecutive month that the COFI has fallen.

The COFI reflects the interest paid by 11th District savings institutions in Arizona, California, and Nevada on their various sources of mortgage money. The COFI average is reported by the FHLB about 30 days after the end of each month.

Last week, mortgage finance behemoth Freddie Mac reported that the average one-year adjustable rate mortgage fell to 4.91%, its lowest level since April 1994.

Article © MortgageDaily.com All Rights Reserved