The Eleventh Federal Home Loan District Cost of Funds Index fell three basis points in March after a rise of nearly four basis points between January and February.
March’s index of 0.967% is the second lowest point in its history, 0.5 basis points above
COFI is a weighted average calculation of the funds used by thrift members of the Federal Home Loan Bank of San Francisco to originate mortgage loans. It is used by some lenders to set the interest on adjustable-rate mortgages.
There were 16 institutions that reported data for March. The average total funds was $34.2 billion (of which deposits made up $28.1 billion), while the total interest expense was $27.6 million. In February, the average total funds was $34 billion and total interest expense was $28.3 million.
