ADJUSTABLE RATE MORTGAGE INDEX
Wachovia determines adjustable mortgage rates using the indexes listed below. An index is a number based on interest rate changes in specific financial markets. The interest rate on your loan is the sum of the index value plus an additional amount called a "margin." Click the index name below for an explanation of each index.
Current as of 07/15/2008
* For the current Prime Rate or LIBOR index, please call (800) 642-0257, Monday through Friday, between 9:00am and 9:00pm CT and Saturday, 9:00am and 6:00pm CT.
Cost of Savings Index (COSI)
COSI is a unique index available through Wachovia. COSI is based on the interest rates Wachovia pays to individuals on certificates of deposit. The index is calculated monthly and used to determine the interest rate on your mortgage. COSI is based on the weighted average of all the interest rates paid on certificates of deposit held by individual depositors as of the last business day of each month.
For more information about COSI
Write to:
Wachovia Bank
P.O. Box 659558
San Antonio, Texas 78265-9558
Attn: Customer Service
Call toll free:
(800) 642-0257
9:00am - 9:00pm CT
Monday - Friday
9:00am - 6:00pm CT
Saturday
Back to Top
Certificates of Deposit Index (CODI)
The CODI is the average of the most recently published monthly yields on three-month certificates of deposit (secondary market) for the 12 most recent calendar months as published by the Federal Reserve Board. Three-month certificates of deposit (secondary market) are an average of dealer offering rates on nationally traded certificates of deposit that are annualized based on a 360-day year or bank interest. The Federal Reserve Board publishes the monthly yields on three-month certificates of deposit in its Federal Reserve statistical release, H.15. For purposes of determining CODI, "published" means first made available to the public by the Federal Reserve Board.
Wachovia calculates the average by adding the 12 most recently published monthly yields together and dividing the result by 12. We then round this result to the nearest 1,000th of one percentage point. Wachovia calculates the average on or near the first Monday of the calendar month. For example, Wachovia calculates the February CODI on or near the first Monday of February. The new index value will be in effect until the calculation of the March CODI on or near the first Monday of March.
For more information about CODI
Monthly yields on three month certificates of deposit (secondary market) are available from:
- The Federal Reserve Board Web site (www.federalreserve.gov/)
- The nearest branch of the Federal Reserve Bank - see your local telephone directory
- Federal Reserve statistical release H.15, which can be found in the business publications section of most public libraries.
You may also write to:
Wachovia Bank
P.O. Box 659558
San Antonio, Texas 78265-9558
Attn: Customer Service
Call toll free:
(800) 642-0257
9:00am - 9:00pm CT
Monday - Friday
9:00am - 6:00pm CT
Saturday
Back to Top
Cost of Funds Index (COFI)
The COFI is the monthly weighted average cost of funds for savings institutions that are members of the Federal Home Loan Bank System, Eleventh District (the "Bank"). COFI consists of the monthly weighted average cost to members of:
- Savings
- Borrowings, and
- Advances by the Bank
The Bank tabulates and announces COFI on or near the last working day of each month, reflecting the costs for the previous month. For example, the Bank announces the February COFI at the end of March. The new index value will be in effect until announcement of the March COFI at the end of April.
For More Information About COFI
You may write or call:
- The Federal Home Loan Bank of San Francisco
P.O. Box 7948
San Francisco, California 94120
415-616-2600 - The Federal Home Loan Bank Journal, which can be found in the business publications section of most public libraries
- The Federal Home Loan Bank of San Francisco Web site (http://www.fhlbsf.com)
You may also write to:
Wachovia Bank
P.O. Box 659558
San Antonio, Texas 78265-9558
Attn: Customer Service
Call toll free:
(800) 642-0257
9:00am - 9:00pm CT
Monday - Friday
9:00am - 6:00pm CT
Saturday
Back to Top
London Interbank Offered Rate (LIBOR)
The LIBOR index is the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market as published in the Money Rates Table in The Wall Street Journal, Central Edition. The LIBOR index value may change daily.
For More Information About LIBOR, see the "Money Rates" table in The Wall Street Journal, Central Edition.
You may also write to:
Wachovia
P.O. Box 659558
San Antonio, Texas 78265-9558
Attn: Customer Service
Call toll free:
(800) 642-0257
8:00am - 8:00pm CT
Monday - Friday
8:00am - 5:00pm CT
Saturday
Back to Top
Prime Rate
The Prime Rate is published in the Money Rates Table in The Wall Street Journal, Central Edition. The Prime Rate may change daily.
For more information about the Prime Rate
Please see The Wall Street Journal or the business sections of many major metropolitan newspapers that publish the current prime rate daily.
You may also write to:
Wachovia Bank
P.O. Box 659558
San Antonio, Texas 78265-9558
Attn: Customer Service
Call toll free:
(800) 642-0257
9:00am - 9:00pm CT
Monday - Friday
9:00am - 6:00pm CT
Saturday
Back to Top
Email This Page
Printer Friendly Version