11th District Cost of Funds Index

11th District Cost of Funds Index

An index of the interest rates paid on checking accounts and savings accounts in Arizona, California, and Nevada. This index measures the cost of funds for banks and some other financial institutions in the western United States; that is, the 11th District COFI measures what banks must pay to those who would offer them funding for their lending and other operations. The 11th District COFI is published on a monthly basis and is considered a lagging indicator of prevailing interest rates in the west.
References in periodicals archive ?
Group III consists of ARMs, substantially all of which are based on the 11th District Cost of Funds Index (COFI).
The loans' interest rates, indexed to the 11th District Cost of Funds Index, are subject to lifetime interest caps and floors, and payment adjustment caps of 7.