BANKING & FINANCE - Feb. 4, 1994

30-Year Mortgages Steady at 6.97%: The fixed-rate mortgages were unchanged from last week, according to a national survey released by the Federal Home Loan Mortgage Corp. The rates remained the lowest since Oct. 26, when they averaged 6.86%. After dropping to a 25-year low of 6.74% in October, rates rose to 7.31% in November, then began drifting lower. On one-year, adjustable rate mortgages, lenders were asking an average initial rate of 4.12%, down from 4.16% last week. Fifteen-year mortgages, an increasingly popular option for people refinancing mortgages, averaged 6.46% this week, down from 6.47% a week earlier. The rates do not include add-on fees that are known as points.