BANKING & FINANCE

Times Staff and Wire Reports

Key Rate Hits 2-Year High: 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, rose to 4.589% in December from 4.367% in November. It was the rate's highest level since October, 1992, when it stood at 4.597%. The 11th District rate measures the average cost of funds to the thrifts and financial institutions in the bank's 11th District, which covers California, Arizona and Nevada.

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