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11th District Funds Index Slips in April

May 31, 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 2.208% in April, down from 2.210% in March, 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.

From a Times Staff Writer

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