11th District Rate Edges Lower to 4.903%

The 11th District cost of funds--the rate to which many adjustable-rate mortgages are tied--edged lower to 4.903% in April from 4.917% in March, the Federal Home Loan Bank of San Francisco reported. The rate, which tends to lag changes in market interest rates by several months, has gyrated between 4.7% and 5% for more than a year. The rate measures the average cost of funds for the thrifts in the federal bank system’s 11th District, which covers California, Arizona and Nevada.