BANKING & FINANCE - Sept. 1, 1995
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Key Mortgage Rate Drops: The 11th District cost of funds--the rate to which many adjustable-rate home mortgages are tied--declined in July for the first time in 16 months, the Federal Home Loan Bank of San Francisco reported. The rate, which tends to lag current market interest rates by several months, edged down to 5.144% from 5.179% in June, its first monthly drop since March, 1994. The rate measures the average cost of funds to thrifts and other financial institutions in the bank’s 11th District, which covers California, Arizona and Nevada. For a chart of the cost index over the last two years, see Investor Spotlight, D7.
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