BANKING & FINANCE - Nov. 12, 1994
From Times Staff and Wire Reports
Mortgages Hit 3-Year High: Thirty-year, fixed-rate mortgages averaged 9.19% this week, up from 9.05% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. The rate is the highest since Aug. 16, 1991, when the average was also 9.19%. The average hit a 25-year low of 6.74% in October, 1993. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 6.01%, up from 5.91% last week. Fifteen-year mortgages averaged 8.67% this week, up from 8.51%. The rates do not include the add-on fees known as points.
