Drop in COFI Helps Mortgage Holders
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The cost of funds index for savings institutions in the 11th Federal Home Loan Bank District fell to 3.074% in December, lowering monthly payments on adjustable-rate mortgages in California, Arizona and Nevada.
The index, called COFI, fell from 3.368% in November and from 5.617% in December 2000 as the Federal Reserve cut its key interest rate 11 times to boost the economy.
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A Times Staff Writer
