OTHER NEWS - Jan. 21, 1994
From Times Staff and Wire Reports
Fixed-Rate Mortgage Rate Rises to 7.05%: The average interest rate on the 30-year loans rose this week from 6.99% last week, the Federal Home Loan Mortgage Corp. said. The figure is still below the recent peak of 7.31% reached in late November. The average hit a 25-year low of 6.74% in October. Fifteen-year mortgages, an increasingly popular option, averaged 6.57% this week, up from 6.48% a week earlier. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 4.24%, up from 4.20% last week. The rates do not include points.
