Cost of Funds Index Falls in March
The cost of funds index for savings institutions in the Federal Home Loan Bank’s 11th District fell to 2.653% in March from 2.744% in February, lowering monthly payments on adjustable-rate mortgages in California, Arizona and Nevada.
The index sets payments on adjustable-rate mortgages through May. The index also is used as a base rate for West Coast mortgages and for bonds backed by those loans. A decrease lowers monthly mortgage payments for homeowners and reduces the interest income on bonds backed by mortgages pegged to the index.
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