BANKING & FINANCE - Dec. 30, 1994
From Times Staff and Wire Reports
Mortgage Rates Mixed: Interest rates on 30-year, fixed-rate mortgages were unchanged at 9.18% this week, the Federal Home Loan Mortgage Corp. said. Fifteen-year rates averaged 8.81%, up slightly from 8.79% last week, while adjustable rates fell to 6.75% from 6.79%. A year ago, the 30-year rate was 7.13%, the 15-year rate was 6.63%, and adjustables were 4.20%. “If economic growth continues at a robust pace, the Federal Reserve Board will undoubtedly raise short-term rates, which will raise adjustable mortgage rates,” said Frank Nothaft, deputy chief economist at Freddie Mac.
