REAL ESTATE
Key Mortgage Rate Drops Again: The 11th District cost of funds--the rate to which many adjustable-rate mortgages are tied--fell to 4.841% in April from 4.874% in March, the Federal Home Loan Bank of San Francisco reported. It was the rate’s fifth-straight monthly decline, to its lowest level since January 1995, when it stood at 4.747%. The rate, which tends to lag current market interest rates by several months, measures the average cost of funds to thrifts and other financial institutions in the bank’s 11th District, which covers California, Arizona and Nevada.
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