BANKING & FINANCE - July 21, 1995
<i> Times Staff and Wire Reports</i>
Mortgages Rates Rise: Thirty-year, fixed-rate mortgages averaged 7.60% this week, up from 7.41% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the highest since July 6, when the average was 7.63%. 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 5.81%, up from 5.80% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.08% this week, up from 6.89% a week earlier. The rates do not include add-on fees known as points.
