COFI Holds Steady

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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