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Saturday, July 11, 2009

COFI Shows Bank Savings Rates Getting Better

Have you noticed that if you do your research, you can get better CD rates now than a few weeks ago?
On June 30, 2009 the Federal Home Loan Bank of San Francisco announced its 11th District Cost of Funds Index surged 33% in May to 1.832% from its record April 2009 low of 1.38%.

According to the Federal Home Loan Bank of San Francisco:
The 11th District Monthly Weighted Average Cost of Funds Index (COFI: 11th Districty Cost of Funds Index History ) 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 that satisfy the Bank's criteria for inclusion in the COFI.
Index Month Index Value
May 2009 1.832
April 2009 1.380
March 2009 1.627
February 2009 2.003
January 2009 2.455
December 2008 2.757
November 2008 3.155
October 2008 3.125
September 2008 2.769
August 2008 2.693
July 2008 2.698
June 2008 2.829
May 2008 2.918
More Data

The Federal Home Loan Bank of San Francisco first published the 11th District Monthly Weighted Average Cost of Funds Index on August 28, 1981, for the month of July 1981.

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  1. Richard Bands JournalJuly 16, 2009 7:46 AM

    Date Posted: July 16, 2009 at 08:34:46
    Subject: Richard Band getting even more bulled up looks like

    Richard Bands Journal

    Straight for the Sky
    Wed, 15 Jul 2009 22:31:19 ET

    "Talk about a power day! Today's moonshot on Wall Street was even more impressive than you might think. Sure, a 257-point rally in the Dow is nothing to sniff at. But did you check out the breadth?

    On the NYSE, we had nine stocks advancing for every decliner. Margins like that are extremely rare; there have been only five such instances since 1990, and they've all occurred since the October 2008 panic.

    This urgency to buy suggests that July 8 may have been the low for the market's summer "correction." I wouldn't rule out some downward drift toward the end of the month, but it probably won't take out last week's index lows....."

  2. Richard Bands JournalJuly 18, 2009 7:38 AM

    Richard's Journal

    A Sweeter Tone
    Fri, 17 Jul 2009 17:08:06 ET

    "Friday wrap: It was a bully week for stocks, with the blue chip Standard & Poor's 500 index rocketing 7%. A move of this magnitude, with overwhelmingly positive breath and volume, pretty much rules out the bears' case for a big drop back toward the year's lows.

    On the other hand, we shouldn't necessarily expect a straight-up rally from here. Earnings season has just begun, and -- as we saw today with GE and yesterday with Nokia -- investors aren't in a mood to forgive shortfalls. There will be a mix of favorable and unfavorable news in the earnings reports, giving the market a push upward or downward on any particular day.

    Still, the overall tone of trading has definitely taken a sweeter turn. I foresee the possibility of another pullback in late July or early August, but it will most likely stop well short of last week's lows....."


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