The 11th District cost of funds--the rate...

The 11th District cost of funds--the rate to which many adjustable-rate mortgages are tied--edged up to 4.987% in January from 4.963% in December, the Federal Home Loan Bank of San Francisco reported. The rate, which tends to lag changes in market interest rates by several months, remained slightly above its level of a year earlier, when it stood at 4.821%. The rate measures the average cost of funds for thrifts and other financial institutions in the bank’s 11th District, which covers California, Arizona and Nevada.