The Eleventh District Cost of Funds Index for April is 4.903%, a decline of over 1 basis point from March's 4.917%.The drop continues the downward trend of this index during 1998. Since COFI hit a 12-month high of 4.987% in January, it has fallen by over 8 bp in four months. In comparison, according to Freddie Mac's Primary Mortgage Market Survey, the monthly average commitment rate for the one-year adjustable-rate mortgage increased from 5.54% in January to 5.69% in March, before falling 2 bp in April to 5.67%, for a total gain of 13 bp since the start of the year. The PMMS shows that the 30-year fixed mortgage rate increased each month of 1998, from 6.99% in January to 7.14% in April.
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