The slow but steady rise in the Eleventh Federal Home Loan District Cost of Funds Index continued in January, according to the Federal Home Loan Bank of San Francisco.The index rose just over 5 basis points in January, from 3.296% in December to 3.347%. This was the smallest increase in COFI since last summer, when the index went up 8 bps in July. Since then, it has gone up by 11.3 bps in August, 10.2 bps in September, 10.2 bps in October, 10.6 bps in November, and 10.6 bps in December. The January index is at its highest point in over four years. The last time it was at this level was in November 2001, when it stood at 3.368%.

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