BANKING & FINANCE - Sept. 18, 1991
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VA Lowers Mortgage Rate: The Department of Veterans Affairs announced that it is lowering the maximum interest rate for federally backed VA home mortgages to 8.5%, the lowest in four years. The announcement said the reduction, from 9%, will be effective today and made “in response to current market conditions.” Conventional fixed-rate mortgages averaged 9.02% during the week ending last Friday, according to a national survey by the Federal Home Loan Mortgage Corp. That was the lowest since fixed-rate mortgages averaged 8.98% on Jan. 20, 1978.
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