The Eleventh Federal Home Loan District Cost of Funds Index rose in July to its highest point since 2002, according to the Federal Home Loan Bank of San Francisco.The index climbed to 2.757% from 2.676% in June, according to the FHLBank. COFI last reached a high close to July's in September 2002, when it stood at 2.759%. The index declined between that month and May 2004, when it hit a low of 1.708% before beginning to rise. COFI lags the current interest rate environment by as much as six months. The FHLBank of San Francisco can be found on the Web at http://www.fhlbsf.com.
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