CODI Mortgage Index
A CODI loan is based on one of the most stable indexes currently available. Current CODI rate is cited in the rate box on the right. >>
The Certificate of Deposit Index (CODI) is the 12 month average of the monthly average yields on the nationally published 3-Month Certificate of Deposit rates. Information on monthly yields on 3-month certificates of deposit (secondary market) is published by the Federal Reserve Board. Average is calculated by adding the 12 most recently published monthly yields together and dividing the result by 12.
Because this index is an annual average, it is more steady than CMT and CD indexes which are very volatile and generally considered to react quickly to change in the market.
The CODI and MTA indexes generally fluctuate slightly more than the 11th District COFI, although their movements are very close.
Are you curious as to what your CODI-based mortgage rate and closing costs might be if you were to refinance or purchase a new home right now? You can run your numbers and get instant on-line estimates here: www.top-lenders.com. No contact information is required.