BANKING & FINANCE - April 2, 1994
From Times Staff and Wire Reports
30-Year Fixed-Rate Mortgages Rise: The rate averaged 8.04% this week, up from 7.8% last week, and the highest in nearly 15 months. The figure is from a national survey released by the Federal Home Loan Mortgage Corp. This week’s level is the highest since mortgages averaged 8.04% during the week ended Jan. 15, 1993. It is more than 1 1/4 percentage points above the 25-year low of 6.74% last October. On mortgages with annual adjustments, lenders were asking an average initial rate of 4.65%, up from 4.60% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.55% this week, up from 7.30% a week earlier. The rates do not include add-on fees known as points.
