The monthly cost of funds index rose in February.
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The Federal Home Loan Bank of San Francisco announced that the index rose in February to 7.448% from 7.396% the month before. Changes in interest rates on adjustable-rate mortgage loans offered by many savings institutions and commercial banks are tied to changes in the index. The cost of funds index reflects the interest rates paid by savings institutions in Arizona, California and Nevada on their various sources of mortgage money.
