Once again, the Eleventh Federal Home Loan District Cost of Funds Index has fallen to a record low.For December, the index was 2.375%, down some 16.2 basis points from November's 2.537%. This decline is slightly smaller than the 17.1-bp decline between the October and November index levels, as announced by the Federal Home Loan Bank of San Francisco. These two dropoffs are the largest declines of the calendar year. The index was 3.074% in December 2001, and it declined 25.1 bps in the following month. For the full year, COFI declined 69.9 bps. In comparison, during the rapid decline in the index in 2001, it fell 254.3 basis points for the year, and in 2000 the index rose over 76 basis points over the 12-month period.
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