BANKING & FINANCE - Jan. 1, 1992

Key Adjustable-Rate Index Keeps Falling: The 11th District cost of funds index, the primary index affecting California homeowners with adjustable-rate mortgages, dropped to 6.414% in November from 6.566% in October. The index, a measure of what thrifts in California, Nevada and Arizona pay for money, has been setting record lows this year as interest rates have declined. Homeowners with adjustable mortgages tied to the cost of funds are typically charged a rate from 2 to 2.5 percentage points higher than the index.