The Federal Home Loan Bank of San Francisco announced May 28, 2010, that the 11th District Monthly Weighted Average Cost of Funds Index (“COFI”) for April 2010 is 1.825%. The index for March 2010 was 1.859%.
The COFI is computed from the actual interest expense reported for a given month by the Arizona, California, and Nevada savings institutions members of the Federal Home Loan Bank of San Francisco that satisfy the Bank’s criteria for inclusion in the COFI (“COFI Reporting Members”). Changes in interest rates on adjustable rate mortgage loans offered by many financial institutions are tied to changes in the COFI.
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