Mortgage rates increase

October 31, 1993|By Staff Report

Rates on 30-year fixed mortgages rose last week for the first time in five weeks, according to the Federal Home Loan Mortgage Corp.

The average national rate for 30-year mortgages was 6.86 percent, up from 6.74 the previous week, according to Freddie Mac.

Fifteen-year mortgages averaged 6.40 percent, up from 6.31 percent. For one-year adjustable mortgages, the average initial rate was 4.19 percent, up from 4.14 percent.

The rate started the year just above 8.07 percent and has been falling for most of 1993, except briefly during the spring when investors became temporarily nervous about inflation.

The rates do not include add-on fees known as points.

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