The Eleventh Federal Home Loan District Cost of Funds Index for December 2003 stood at 1.902%, an 8-basis-point increase from November's 1.821%.The increase is the first in the index since June 2002. Back then, the increase capped off a small run of three consecutive increases for COFI. In April, the index rose by 7 bps. The following month it rose by 8 bps, and that was followed by a 7-bps increase. The index peaked at 2.847% before beginning the current run that put COFI below the 2% barrier. The bottom point was 102 bps below that peak. According to the Federal Home Loan Bank of San Francisco, the index was first published for July 1981, when it stood at 11.84%. The index's record high was reached in June 1982, at 12.673%. Between its high and its low, COFI had a range of 10,852 bps.

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