[gleeaikin]

Yes, that was good detail on LIBOR and Prime.

Someone else mentioned COFI, cost of funds index. Now that jogs my memory that about 20 years ago I was told that my ARM was based on something called, and I may be wrong about the number, the 11th District Cost of Funds. Is this still used and did I remember it correctly, and what is it if it is still pertinent?

[gogeo]

That is exactly what it is; it's a regional index. The bond market has gone international and the banking industry has since gone national, so the market moved away. It's not widely used at all anymore. I would expect that just about everyone who had an ARM with a COFI index has long since refinanced.

I'm assuming you have, also?