Mortgages Analyzed
Mortgages Analyzed
Mortgages Analyzed
 
Cost of Savings Index (COSI)

Current COSI Rates

Sep Value Change Last 52 week
2018     Month High Low

    COSI     

0.67   0.07 0.60 0.67 0.28
Source: Wells Fargo
Source :www.MortgagesAnalyzed.com
 

52 Weeks COSI Trend

Source :www.MortgagesAnalyzed.com

COSI Rates

For the Year:  
Source :www.MortgagesAnalyzed.com
 

What is Cost of Savings Index?

COSI Rates

Cost of Savings Index (COSI) is the weighted average of all the interest rates paid on Certificate of Deposits held by individual depositors of Wells Fargo as of the last business day of each month. COSI is also known as the Wells Fargo Cost of Savings Index or Wells COSI.

COSI is calculated each month on the last business day of the month and is published on Wells Fargo website on the business day preceding the fifteenth day of the following month. For example, the COSI for Nov 2013 was published on Fri, Dec 13, 2013.

Source :www.MortgagesAnalyzed.com

Use of COSI in Mortgages

COSI is used as an index in a number of Adjustable Rate Mortgages (ARMs). It is viewed as a stable index and lags the other interest rate indexes. This is because COSI is based on interest rates on deposit accounts which tend to be less volatile than the general interest rate movements.

Source :www.MortgagesAnalyzed.com

Historical COSI Rates

Source :www.MortgagesAnalyzed.com
 

History of COSI through World Savings, Wachovia, and Wells Fargo

COSI was originally published by World Savings and it represented the weighted average interest rate on federally insured deposit accounts held by depositors at World Savings Bank, FSB.

World Savings Bank, FSB was a federally insured depository institution and a subsidiary of Golden West Financial Corporation (GWFC). World Savings Bank was established on Oct 8, 1987 under the name Watchung Hills Bank for Savings. The bank changed its name to World Savings Bank, F.S.B on Jan 21, 1995. The FDIC Number for World savings Bank was 27076. GWFC was listed in New York Exchange under the Ticker Symbol GDW. GDW was delisted from NYSE on Oct 2, 2006.

In October 2006, Wachovia Corporation acquired Golden West Financial Corporation, including World Savings. The World Savings COSI was discontinued in June 2007 and replaced by the Wachovia COSI. On Dec 31, 2007 World Savings Bank, FSB was renamed to Wachovia Mortgage, FSB.

On Nov 1, 2009 Wachovia Mortgage, FSB was renamed as Wells Fargo Bank Southwest, NA. On the same day, the Bank merged into and has since operated as part of Wells Fargo Bank, National Association. In the present form COSI is now a measure of the interest rate paid on certificate of deposits held by individuals at Wells Fargo.

COSI rates up to July 2007 are the World Savings COSI. From July 2007 to October 2009, COSI values reflect Wachovia COSI. From November 2009, values reflect Wells COSI.

Source :www.MortgagesAnalyzed.com

Updated: Oct 12, 2018

Comments

comments powered by Disqus
Finance
Know all there is to know about the US Mortgage Industry. We help you to make a well informed decision.
Finance
Loan Products
Confused about the choosing right loan product for you? We help you decide the loan product that suits your needs best.
Loan Products
Documents
Here you will find all there is to know about the forms, papers & documents required for Home Loan Mortgage and much more.
Documents