Cost of Funds Index Falls: The 11th...
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From Times Staff and Wire Reports
Cost of Funds Index Falls: The 11th District cost of funds index, which most adjustable-rate mortgages in California are tied to, continued to fall in April, declining sharply to 7.501% from 7.654% in March. The index reflects what savings institutions in California, Arizona and Nevada pay for mortgage money. Interest rates on ARMs typically range from 2% to 2.5% above the index.
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