The Eleventh Federal Home Loan District Cost of Funds Index fell nearly 8 basis points in May, setting a new low.The index, calculated on the cost of mortgage money for thrifts that belong to the Federal Home Loan Bank of San Francisco, is now at 2.130%. From March to April, the index remained virtually static. The Freddie Mac Primary Mortgage Market Survey shows the monthly average commitment rate on the one-year adjustable-rate mortgage falling 47 bps from January to June. The average, which actually increased 6 bps in April, has fallen by 14 bps since then.
Processing Content
