BANKING & FINANCE - Feb. 2, 1996

Mortgage Rates Up Slightly: Thirty-year, fixed-rate mortgages averaged 7.02% this week, up from 7% last week, according to the Federal Home Loan Mortgage Corp. That is the highest since Jan. 18, when rates also averaged 7.02%. Last week’s 7% average were the lowest since rates averaged 6.97% for the week ended Feb. 3, 1994. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.37%, unchanged from last week. Fifteen-year mortgages averaged 6.52% this week, up from 6.5% a week earlier. The rates do not include the fees known as points.