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Mortgage (ARM) Indexes

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Certificates of Deposit (CD) Indexes

These indexes are averages of the secondary market interest rates on nationally traded Certificates of Deposit. The Certificates of Deposit, also known as CDs, are usually issued by banks and other financial institutions. They pay a fixed rate of interest for a specific period of time.

The Certificates of Deposit of various maturities, including 1-Month, 3-Month, 6-Month and 1-Year, are used as ARM indexes. The 6-Month Certificate of Deposit (6-Mo CD) is the most popular of the CD indexes.

The 12-month moving average of the monthly 3-Month CD is called CODI.

The CD indexes are very volatile and generally considered to react quickly to change in the market, which is good for you if rates are falling but not good for you if rates are rising. Look at how the 6-Month CD changes:

6-Month CD vs. 1-Yr CMT, 11th District COFI, 1990 - 2007
6-Month CD vs. 1-Yr CMT, 11th District COFI, 1990 - 2007  { Obtaining Permission to Reproduce }

Historical Data: Mortgage-X compiles historical values for the indexes which are widely used on adjustable rate mortgages (ARMs). Click here for a history of the 6-Month CD index.

If you need historical data prior to 1990, please visit the Federal Reserve Board web site.

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