BANKING & FINANCE - Nov. 4, 1994
From Times Staff and Wire Reports
30-Year, Fixed-Rate Mortgage Rates Highest Since 1991: The rates averaged 9.05% this week, up from 9.03% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the highest since Sept. 6, 1991, when the average was 9.14%. 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 5.91%, up from 5.88% last week. Fifteen-year mortgages, a popular option for people refinancing mortgages, averaged 8.51% this week, up from 8.47% a week earlier. The rates do not include add-on fees known as points.
