As other rates continue to rise, the Eleventh Federal Home Loan Cost of Funds Index has set another new low.The rate for April was 1.802%, down a little over 1 basis point from 1.815% in March. As a sign of where the index may be going several months from now, the Freddie Mac Primary Mortgage Market Survey found that the average rate for the one-year adjustable-rate mortgage bottomed out at 3.41% in March, before rising to 3.65% in April and 3.88% in May. The survey found that the one-year ARM hit a peak of 3.86% last September and hovered around 3.75% for three months before starting to fall again in January and February. COFI is known as a lagging index -- its movement is typically three to six months behind that of other indices.

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