BANKING & FINANCE - April 22, 1994

30-Year Mortgage Rates Climb: After declining last week, rates rose this week to their highest levels in nearly two years. The 30-year, fixed-rate mortgage averaged 8.49%, the Federal Home Loan Mortgage Corp. said. The 30-year rate was up from last week’s 8.26% and was at its highest since it was 8.54% the week of June 12, 1992. This week’s rate is 1 3/4 percentage points above the 25-year low of 6.74% last October. The average was 8.48% two weeks ago and declined last week. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.06%, up from 4.96% last week. Fifteen-year notes, a popular refinancing option, averaged 7.97% this week, up from 7.72% a week earlier. The rates do not include add-on fees known as points.