BANKING & FINANCE - May 1, 1992
From Times Staff and Wire Reports
Cost of Funds Falls: The 11th District cost of funds index, a key gauge many adjustable-rate mortgages in California are tied to, fell to 5.611% in March from 5.800% in February. Lenders typically tie the interest rate homeowners pay at 2 to 2.5 percentage points above the index. The index measures what thrifts in California, Arizona and Nevada pay for money they lend out for mortgages. The index has been falling as interest rates overall have dropped.
