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Banking & Finance

May 01, 1993|From Times Staff and Wire Reports

Cost of Funds Index Falls to 4.245%: The March index for banks in the 11th Federal Home Loan Bank District fell 8.8 basis points to 4.245% from 4.333%, the San Francisco FHLB said. The index, a benchmark rate for many adjustable-rate mortgages, fell 2.7 basis points in February after declining 7.2 basis points in January and 7.6 basis points in December. The decline was about as large as the nine-basis-point decline forecast by six participants in a Bloomberg Business News survey. A basis point is equal to 1/100 of a percentage point.

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