Cost of Funds Indices (COFI)

Important Notice: Discontinuation of Cost of Funds Indices

The Federal Home Loan Bank of San Francisco has announced that it will stop publishing all cost of funds indices early in 2022 because of the significant decline in the number of financial institutions eligible to report the data used to calculate the indices.

The Bank will no longer calculate the 11th District Monthly Weighted Average Cost of Funds Index (COFI) after the publication of the December 2021 COFI on January 31, 2022. The Bank will no longer calculate the Semiannual Weighted Average Cost of Funds Indices for the 11th District and for California after the publication of the indices for the July-December 2021 period on February 15, 2022.

Consumers with loans tied to any of these indices should contact their lender for information about replacement indices and other options.

The 11th District Monthly Weighted Average Cost of Funds Index (COFI) is one of many indices used by mortgage lenders to adjust the interest rate on adjustable rate mortgages. The COFI is computed from the actual interest expenses reported for a given month by the Arizona, California, and Nevada savings institution members of the Federal Home Loan Bank of San Francisco (Bank) that satisfy the Bank's criteria for inclusion in the COFI (COFI Reporting Members).

In addition to the COFI, the Bank publishes semiannual weighted average cost of funds indices for California and the 11th District, which are based on the interest expenses of applicable COFI Reporting Members from January through June and July through December each year.

Current Monthly COFI

Index Month Index Value Date Announced
October 2020 0.503% November 30, 2020

The COFI is computed from data reported by COFI Reporting Members of the Federal Home Loan Bank of San Francisco. For October 2020, 9 eligible institutions reported COFI data.

COMPARISON TO September 2020 INDEX VALUE

October 2020 September 2020
Index value 0.503% 0.523%
Average total funds* $21.1 billion $20.6 billion
Average deposit accounts $20.3 billion $19.7 billion
Average advances $870.7 million $883.0 million
Average other borrowings $162.7 million $162.7 million
Total interest expense** $8.9 million $9.0 million

*Averages for a month consist of the simple average of the monthend balances for that month and the prior month for total funds, deposit accounts, advances, and other borrowings.

**The total interest expense is derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month. The adjustment factors for 2020 are 1.052 for February, 1.017 for 30-day months, and 0.984 for 31-day months.

Monthly COFI History

*Averages for a month consist of the simple average of the monthend balances for that month and the prior month for total funds, deposit accounts, advances, and other borrowings.

**The total interest expense is derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month. The adjustment factors for 2020 are 1.052 for February, 1.017 for 30-day months, and 0.984 for 31-day months.

Download Complete Monthly History
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To
Index Month Index Value Date Announced
October 2020 0.503 November 30, 2020
September 2020 0.523 October 30, 2020
August 2020 0.529 September 30, 2020
July 2020 0.653 August 31, 2020
June 2020 0.682 July 31, 2020
May 2020 0.755 June 30, 2020
April 2020 0.740 May 29, 2020
March 2020 0.884 April 30, 2020
February 2020 0.989 March 31, 2020
January 2020 0.984 February 28, 2020

Current Semiannual Indices

Period California 11th District Date Announced
January to June 2020 0.825% 0.825% August 17, 2020

The semiannual weighted average costs of funds indices for the six-month period ending December 31, 2020, will be published on or about February 15, 2021.

Semiannual Indices History

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To
6 Months Ended Arizona California Nevada 11th District Date Announced
June 30, 2020 N/A* 0.825 N/A* 0.825 August 17, 2020

* Effective February 15, 2008, the Bank discontinued the publication of the semiannual weighted average cost of funds index for Arizona because there was only one savings institution headquartered in Arizona during the semiannual period July-December 2007. The Bank discontinued the publication of the semiannual weighted average cost of funds index for Nevada effective February 13, 1998, because there were no savings institutions headquartered in Nevada as of September 1, 1997. The cost of funds data from any COFI Reporting Member currently headquartered in Arizona or Nevada will continue to be incorporated into the 11th District semiannual weighted average cost of funds index.

Notice: In July 2009, the Bank discovered that it had made an error in calculating the semiannual cost of funds indices for the period July-December 2008 by including in the calculation the July 2008 interest expenses reported by a COFI Reporting Member that had transferred substantially all of its liabilities to a nonmember during the month of July 2008. As a result of this calculation error, the published 11th District semiannual index was 3 basis points higher and the published California semiannual index was 17 basis points higher than they would have been had the reported interest expenses been excluded. The Bank has confirmed that this interest expense was correctly excluded for the monthly COFI for July 2008. Although the Bank makes a good faith effort to be accurate in the calculation and publication of these indices, it does not warrant, confirm, or guarantee the accuracy of any index that it publishes and, in general, it will not revise or republish any cost of funds index after the publication date. The Bank continues to expressly disclaim any liability to any person for any inaccuracy in any cost of funds index calculated or published by the Bank, regardless of the cause, or for any resulting damages.