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VA Hikes Home Loan Rate

October 02, 1987|Associated Press

WASHINGTON — The Veterans Administration today said it is raising its maximum interest rate for federally backed VA home mortgages to 11%, the fourth increase this year. The VA said it is making the change, which will take effect Monday, to bring its rate in line with the mortgage market, which has been moving up in recent weeks. Conventional, fixed-rate mortgages rose to 11.18% this week.

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