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Reduction in Mortgage Rates Pledged for Southern California
Washington report says savings and loan officials in Southern California pledged to push lower mortgage costs. Joseph P. McMurray, chair designate of the Federal Home Loan Bank Board, expects rate cuts in California within weeks and notes the San Francisco bank cut its lending rate by half a percentage point. California S and L leaders doubt dividend cuts for April or July quarters, aiming for a narrower spread between mortgage and interest rates to support the housing market over the next two years.
MENTIONED IN THIS ARTICLE
Washington
Washington — Savings and Loan
California
Joseph P. McMurray
Federal Home Loan Bank Board
McMurray
Administration
Treasury
San Francisco Home Loan Bank
West Coast