BANKING & FINANCE

From Times Staff and Wire Reports

30-Year Fixed-Rate Mortgages Rise: Thirty-year, fixed-rate mortgages jumped to an average of 8.02% this week, the highest level in seven weeks, the Federal Home Loan Mortgage Corp. said. The increase from 7.89% a week earlier reflected temporary financial market nervousness about the approaching election and currency turmoil overseas, an analyst said. It was the second increase in a row since rates hit a 19-year low of 7.84% during the week ended Sept. 11. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.02%, down from 5.03% last week. That was the lowest rate since Freddie Mac began tracking ARMs in 1984.

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