Key Mortgage-Linked Rate Highest Since ’95

The 11th District cost of funds--the rate to which many adjustable-rate home mortgage loans are tied--climbed to 5.078% in April from 5.002% in March, the Federal Home Loan Bank of San Francisco reported. The rate, which tends to lag changes in market interest rates by several months, has been climbing steadily over the last year and in April stood at its highest level since November 1995, when it was 5.119%. The rate measures the average cost of funds for savings institutions in the bank’s 11th District, which includes California, Arizona and Nevada.