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IN BRIEF / THE ECONOMY

Cost of Funds Index for 11th District Falls

May 03, 2003|From a Times Staff Writer

The cost of funds index for savings institutions in the Federal Home Loan Bank's 11th District fell to 2.210% in March, down from 2.257% in February, lowering monthly payments on adjustable-rate mortgages in California, Arizona and Nevada.

The index sets payments through May. It also is used as a base rate for West Coast mortgages and for bonds backed by those loans.

A decrease lowers monthly mortgage costs for homeowners and cuts interest income on bonds backed by mortgages pegged to the index.

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