Key Mortgage Rate Continues to Climb
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The 11th District cost of funds--the rate to which many adjustable-rate home mortgage loans are tied--rose again in September to 5.548%, from 5.509% in August, 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 rising steadily for more than a year and now stands at its highest level since March 1992, when it was 5.611%. In September 1999, the rate stood at 4.600%. It 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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