BANKING & FINANCE : Key ARM Index Nearly Unchanged
From Times Staff and Wire Reports
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, barely inched down to 3.822% in November from 3.823% in October. 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.
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