BANKING & FINANCE - Aug. 1, 1996
Times Staff and Wire Reports
Key Mortgage Rate Falls Again: The 11th District cost of funds--the rate to which many adjustable-rate home mortgages are tied--dropped to 4.809% in June from 4.823% in May, the Federal Home Loan Bank of San Francisco reported. It was the rate’s seventh consecutive monthly decline, which pushed the rate to its lowest level since January 1995, when it stood at 4.747%. The rate, which tends to lag current market interest rates by several months, 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.
