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BRIEFLY

Banking & Finance

September 01, 1993|From Times Staff and Wire Reports

Key Rate Hits Record Low: The Federal Home Loan Bank of San Francisco said the 11th District cost of funds--the rate to which many adjustable-rate mortgage loans are tied--fell to 3.998% in July from 4.050% in June. It was the lowest level since the bank began tracking the rate in July, 1981, when it stood at 11.848%. The rate measures the average cost of funds to the thrifts and other financial institutions in the bank's 11th District, which covers California, Arizona and Nevada.

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