BANKING & FINANCE - Oct. 14, 1994
From Times Staff and Wire Reports
30-Year Mortgage Rates Increase: Fixed-rate mortgages averaged 8.94% this week, up from 8.89% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the highest since April 3, 1992, when the average was 8.96%. The average hit a 25-year low of 6.74% in October. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.77%, up from 5.72%. The rates do not include add-on fees known as points.
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