In the latest sign of concern over the impact of rising rates on adjustable-rate mortgage lenders, Goldman, Sachs & Co. analyst Richard K. Strauss on Thursday downgraded Golden West Financial Corp. to "market performer" from "moderate outperformer."

Mr. Strauss said that the downgrade reflects more of a problem among thrifts in general than one specific to Golden West. Even among thrift darlings like Golden West, mortgage price competition and a repricing lag have cut into returns.

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