11th District Cost of Funds Falls in August
The 11th District cost of funds--the rate to which many adjustable-rate mortgages are tied--fell in August to 4.106% from 4.274% in July, the Federal Home Loan Bank of San Francisco reported.
The rate tends to lag changes in market interest rates by several months, and it’s been declining steadily since late last year.
The rate, which stood at 5.509% in August 2000, measures the average cost of funds for the savings institutions in the federal bank system’s 11th District, which includes California, Arizona and Nevada.
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