BANKING & FINANCE - Feb. 29, 1992
From Times Staff and Wire Reports
Key Adjustable-Rate Mortgage Index Tumbles : The 11th District Cost of Funds Index, widely used by California lenders to set adjustable-rate mortgage rates, fell again in January, to 6.002%. The indicator, down from 6.245% in December, has been falling rapidly as overall interest rates have dropped. Many lenders peg adjustable-rate mortgages to the index, setting rates from 2 to 2.5 percentage points above the index. The index is compiled using interest rates paid by savings institutions in California, Arizona and Nevada.
