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 one used by lenders to set adjustable-rate mortgages in California, fell to 7.848% in February from 7.858% in January. The index measures the cost of funds paid by savings institutions in California, Arizona and Nevada. Lenders typically set adjustable-mortgage rates at 2.25% to 2.5% above the index, which in recent months has fallen to its lowest level since 1988.
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