SAN FRANCISCO - A widley used benchmark for adjustable-rate mortgages dipped in August, the Federal Home Loan Bank of San Francisco said.

The weighted average-cost-of-funds index for the 11th Federal Home Loan Bank District slid to 4.874%, from 5.069% in July.

The index reflects the interest rates paid by savings institutions in Arizona, California, and Nevada for mortgage money from various sources.

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