The Eleventh Federal Home Loan District Cost of Funds Index barely moved in January.The Federal Home Loan Bank of San Francisco has calculated the January COFI at 4.392%, virtually unchanged from December's 4.396%. The monthly results for the Freddie Mac Primary Mortgage Market Survey of the one-year adjustable-rate mortgage show the average rate rising 2 basis points in January and another 4 bps in February. Looking at the weekly results for March 1, the average for the one-year ARM stood at 5.49%, the same level it has recorded for four of the last six weeks, dating back to Jan. 25.
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