The Eleventh Federal Home Loan District Cost of Funds Index for April is 2.208%, virtually unchanged from the previous month.The index for March, as calculated by the Federal Home Loan Bank of San Francisco was 2.210%. COFI is known as a lagging indicator and movements in interest rates taking place now will show up in the index some three-to-six months later. The flattening between March and April reflects rate moves several months ago. The index is a weighted average of the interest paid by thrifts in Arizona, California and Nevada on their various sources of funds to originate mortgages, including deposits.
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