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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 Oct 2017 to Oct 2018

See Graph
Date
Release Date
Federal Cost of Funds
Oct-2017
2017-11-20
1.472
Nov-2017
2017-12-21
1.506
Dec-2017
2018-01-19
1.551
Jan-2018
2018-02-22
1.606
Feb-2018
2018-03-20
1.664
Mar-2018
2018-04-20
1.749
Apr-2018
2018-05-23
1.811
May-2018
2018-06-20
1.877
Jun-2018
2018-07-20
1.927
Jul-2018
2018-08-21
1.979
Aug-2018
2018-09-20
2.024
Sep-2018
2018-10-23
2.070
Oct-2018
2018-11-20
2.132
Mortgage Rates from 0.00%

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