Key Mortgage Rate Turns Lower
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The 11th District cost of funds--the rate to which many adjustable-rate home mortgage loans are tied--turned down in September to 4.834% from 4.839% in August, the Federal Home Loan Bank of San Francisco reported. The August increase had been the rate’s first monthly increase since last November. The rate, which tends to lag current 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.
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