BANKING & FINANCE - June 24, 1994
From Times Staff and Wire Reports
Thirty-Year Mortgages Rise: The long-term, fixed-rate mortgages averaged 8.46% this week, up from 8.33% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the highest average since June 2, when it was 8.55%. The average hit a 25-year low of 6.74% in October. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.41%, down from 5.43% last week. Fifteen-year mortgages, a popular option for people refinancing mortgages, averaged 8% this week, up from 7.83% a week earlier. The rates do not include add-on fees known as points.
