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COSI Mortgage Index

The Cost of Savings index considered to be one of the most stable ARM indexes. It is also one of the widely used Option ARM loan indexes.

COSI index is the weighted average of the rates of interest on the deposit accounts of the federally insured depository institution subsidiaries of Golden West Financial Corporation (GDW). All the subsidiaries of Golden West Financial Corporation operate under the name World Savings.

World Savings receives money from consumers in the form of deposits and lends money as home or other loans. The interest rates in effect on these deposits are the basis for the COSI index. It is not based on actual interest paid, but rather the weighted annualized average of all interest rates in effect on World Savings deposit accounts on the last day of each month. The COSI adjusts monthly and has a one-month reporting lag.

Are you curious as to what your COSI-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.

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