Key Mortgage Rate Edges Lower
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The 11th District cost of funds--the rate to which many adjustable-rate home mortgage loans are tied--slipped to 4.835% in November from 4.839% in October, the Federal Home Loan Bank of San Francisco reported. The rate has gradually moved lower during the last year; it stood at 5.119% in November 1995. 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.
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