Interest Mounts.

Source :: BusinessWeek; 12/8/1956, Issue 1423, p42-42, 2/3p
Publication Year :: 1956
Abstract: The article talks about the U.S. government's new home financing policies. In order to create more loanable funds, the Federal Housing Administration (FHA) announced that on January 1, 1957, lenders are allowed to charge the rate of 5% on mortgages it insures with an additional 1/2% FHA insurance charge resulting into the borrower paying a total of 5 and1/2 %. The FHA also allowed a 1/4% hike for multi-family insured loans bringing the new interest rate to 4 and 1/2%.