BANKING & FINANCE - Dec. 10, 1994
From Times Staff and Wire Reports
Rates Drop on 30-Year Mortgages: Thirty-year, fixed-rate mortgages averaged 9.15% this week, down from 9.23% last week, according to a nationwide survey by the Federal Home Loan Mortgage Corp., released Thursday. The rate was the lowest since Nov. 3, when it averaged 9.05%. The average hit a 25-year low of 6.74% in October, 1993. On mortgages with rates adjusted yearly, lenders were asking an average initial rate of 6.56%, up from 6.47% last week. The rates do not include add-on fees known as points.
