NATION : VA Raises Mortgage Rate to 10.5%
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Associated Press
WASHINGTON — The Veterans Administration said today it was raising its maximum interest rate for federally backed VA home mortgages by one-half percentage point to 10.5%.
VA spokesman Pam Siciliano said the agency was making the change, which will take effect Monday, to reflect recent increases in interest rates in financial markets. The latest change is the fifth in 1988. The low for the year was 9.5% on Feb 1.
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