Fixed-Rate Mortgages Up Slightly: Thirty-year, fixed-rate mortgages averaged 8.82% this week, up from 8.73% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the highest average since May 1, 1992, when it was 8.84%. 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 5.67%, up from 5.56% last week. Fifteen-year mortgages, a popular option for people refinancing mortgages, averaged 8.31% this week, up from 8.21% a week earlier. The rates do not include add-on fees known as points.
BANKING & FINANCE
From Times Staff and Wire Reports