11th-District Interest Index Edged Up in June

The cost-of-funds index for savings institutions in the 11th Federal Home Loan Bank District, which includes California, Arizona and Nevada, rose for the first time in nine months to 4.504% in June, up from 4.480% in May, the FHLB said. The index measures the interest paid by thrifts in the district on deposits, advances from the FHLB and other borrowed funds. It’s used as a base rate for setting interest on many adjustable-rate mortgages made by lenders in the district and, thus, for securities backed by those loans.