COFI's Slow Ascent Continues

The Eleventh Federal Home Loan District Cost of Funds Index continued its slow rise in March for the 10th consecutive month.According to data released by the Federal Home Loan Bank of San Francisco, the index for March stood at 2.400%, up just over 8 basis points from February's 2.317%. Since bottoming out last May at 1.708%, the index has increased just over 69 bps, with the largest jump (and the only double-digit jump) occurring in February when it increased by over 11 bps. COFI is a weighted average calculation of the interest expense paid by FHLBank-SF member thrifts in Arizona, California, and Nevada.