Key Mortgage Rate Declines
Times Staff and Wire Reports
The 11th District cost of funds--the rate to which many adjustable-rate home mortgages are tied--fell to 4.821% in January from 4.842% in December, the Federal Home Loan Bank of San Francisco reported. It was the rate’s lowest level since July, when it stood at 4.819%. The rate, which tends to lag changes in market interest rates by several months, measures the average cost of funds to thrifts and other financial institutions in the bank’s 11th District, which covers California, Arizona and Nevada.
