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Monthly ARM Indexes: Federal Cost of Funds, 1985-present

The Federal Cost of Funds Index (Fed COFI) is used as a benchmark for some types of mortgage loans and securities. It is calculated as the sum of the monthly average interest rates for marketable Treasury bills and for marketable Treasury notes, divided by two, and rounded to three decimal places.

Freddie Mac doesn't define exactly which "marketable Treasury bills and marketable Treasury notes" are included in its calculations, or whether or not they follow a calendar month, utilize weighted averages or other information.

The Federal COFI is made available by Freddie Mac on or about the 20th day of each month. Freddie Mac first began publicly providing the Federal COFI in March, 1991; values are calculated for earlier years to illustrate what the index values would have been for those periods and are provided for research purposes only. The Federal COFI is not adjusted to reflect subsequent changes in the underlying Treasury rates once the value has been posted.

According to the Office of the Comptroller of the Currency (OCC), the Federal Cost of Funds can be used as a replacement for the discontinued Monthly Median Annualized Cost of Funds formerly published by the Office of Thrift Supervision (OTS).

ARM Indexes: Federal Cost of Funds from Dec 2014 to Dec 2015

See Graph
Date
Release Date
Federal Cost of Funds
Dec-2014
2015-01-20
0.936
Jan-2015
2015-02-20
0.943
Feb-2015
2015-03-20
0.940
Mar-2015
2015-04-20
0.941
Apr-2015
2015-05-20
0.947
May-2015
2015-06-22
0.948
Jun-2015
2015-07-20
0.951
Jul-2015
2015-08-21
0.958
Aug-2015
2015-09-21
0.968
Sep-2015
2015-10-20
0.979
Oct-2015
2015-11-20
0.989
Nov-2015
2015-12-21
0.997
Dec-2015
2016-01-20
1.038

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