A minuscule monthly decline in the Cost of Funds Index during the final month of last year left it at the second-lowest level on record.

During the month of December, COFI worked out to 0.599 percent — the second-lowest level on record based on data back to 1981.

COFI, which is utilized as an index for some legacy adjustable-rate mortgages, eased ever so slightly from 0.603 percent in November.

Source: Mortgage Daily