BANKING & FINANCE - Oct. 1, 1993
From Times Staff and Wire Reports
Key Mortgage Rate Indicator Declines Again: The Federal Home Loan Bank of San Francisco said the 11th District cost of funds, the rate to which many adjustable-rate mortgages are tied, slipped to 3.958% in August from 3.998% in July. It was the lowest level since the bank began tracking the rate in July, 1981, when it stood at 11.8%. 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.
