BANKING & FINANCE - Sept. 1, 1993
From Times Staff and Wire Reports
Key Rate Hits Record Low: The Federal Home Loan Bank of San Francisco said the 11th District cost of funds--the rate to which many adjustable-rate mortgage loans are tied--fell to 3.998% in July from 4.050% in June. It was the lowest level since the bank began tracking the rate in July, 1981, when it stood at 11.848%. The rate measures the average cost of funds to the thrifts and other financial institutions in the bank’s 11th District, which covers California, Arizona and Nevada.
