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.
BANKING & FINANCE : Key ARM Index Nearly Unchanged
From Times Staff and Wire Reports