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Two US agencies raising interest to new highs

Because of recent increases in interest rates, two federal agencies are raising the rates under their government-insured mortgage programs to record levels. The Department of Housing and Urban Development's Federal Housing Administration and the Veterans Administration will raise their maximum rates on level mortgage payments for single-family homes one full percentage point, to 15 .5 percent, and their graduated m ortgage payments for single-family homes from 15 percent to 16 percent, effective today (May 8).

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