BANKING & FINANCE - July 8, 1994

Mortgage Rates Up Again: Thirty-year, fixed-rate mortgages averaged 8.68% this week, up from 8.57% last week, according to a national survey by the Federal Home Loan Mortgage Corp. The average was the highest since May 12, when it was 8.77%. The average hit a 25-year low of 6.74% in October. Lenders were asking an average initial rate of 5.56% on one-year, adjustable-rate mortgages, up from 5.48%. Fifteen-year mortgages averaged 8.15% this week, up from 8.07% a week earlier. The rates do not include add-on fees known as points.