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11th District Cost Of Funds Index |
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The 11th District Cost of Funds Index (COFI) is a measure of interest rates paid by savings institutions in Arizona, California, and Nevada (11th Federal Home Loan Bank District). The 11th District Cost of Funds Index shows the cost of money to these savings institutions. A monthly weighted average of interest rates make up the 11th District Cost of Funds Index. Released each month, the 11th District Cost of Funds Index has several computation factors, including interest on depositor accounts and advances from the FHLB. The largest component of 11th District Cost of Funds Index is interest paid on savings accounts. As a result, the 11th District Cost of Funds Index is a two-month lagging indication of market interest rates. The 11th District Cost of Funds Index is used to monitor the current cost of funds, to help establish lending rates. Many adjustable rate mortgages (ARM) in the Western U.S. are tied to the 11th District Cost of Funds Index.
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