The Eleventh Federal Home Loan District Cost of Funds Index stayed virtually steady in June, declining by a single basis point.The index, as calculated by the Federal Home Loan Bank of San Francisco, stood at 4.283% in June, compared with 4.293% in May, which saw a 7-bp rise in the index, the first in 2007. Midway through 2007, COFI is 11 bps below the 4.396% recorded for December. For comparative purposes, the Freddie Mac Primary Mortgage Market Survey indicates that the average rate for the one-year adjustable-rate mortgage increased in the same time frame by 23 bps. In December it stood at 5.45%; for June it was 5.68%. Freddie Mac has already released the July results, and in that month the rate increased by another 3 bps. Meanwhile the PMMS shows the average rate on the 30-year fixed-rate mortgage increasing by 52 bps.

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