The Eleventh Federal Home Loan District Cost of Funds Index for December was 0.784%, virtually unchanged from its record low point in November.
During 2013, COFI was below 1% all 12 months, even though in February it got close to that point with an index value of 0.999%.
COFI, a weighted average calculation of what it costs thrift members of the Federal Home Loan Bank of San Francisco to originate mortgages, had been stagnant for five months between May and October, before plunging 18 basis points in November. Now it appears the adjustable-rate mortgage index is entering another period of little or no movement.
There were 15 institutions which reported data for the December index. They had total average funds of $32.9 billion and total interest expense of $21.5 million. In November these figures were $32.5 billion and $21.2 million, respectively.