Cost of Funds Index (COFI) change
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Understand and prepare for changes to your adjustable-rate mortgage.
Cost of Funds Index (COFI) change
The Federal Home Loan Bank of San Francisco (FHLBSF) will stop publishing the COFI index after January 31, 2022. This will affect mortgages and lines of credit that use the COFI index to determine the interest rate.
We're working with Investors and Regulators to update impacted accounts in a way that's fair and transparent.
Here's what this means for you:
- We will notify you by mail if your mortgage loan or line of credit is impacted by this change.
- If your adjustable-rate mortgage is based on the COFI index, the replacement index will be determined following the provisions outlined in your loan documents.
- The new index will replace COFI at the first rate adjustment occurring after January 31, 2022.
- New adjustable-rate mortgages no longer use the COFI index.
COFI Index FAQs
Before reviewing the COFI frequently asked questions, it may be helpful to learn more about adjustable-rate mortgages on our ARM site, or by reviewing information from the FHLB of San Francisco.