Cost of Funds Falls Again: The 11th...
From Times Staff and Wire Reports
Cost of Funds Falls Again: The 11th District Cost of Funds Index, the main index to which adjustable-rate mortgages in California are tied, fell again in December, to 7.963% from 8.044% in November. The index is now at its lowest level since November, 1988. The index measures the cost of money for savings and loans in California, Arizona and Nevada. About 6 million homeowners nationwide have ARMs from lenders who set interest rates according to fluctuations in the index.
