Efjc Utosljington Jlolt
Washington area lenders again are raising the interest rates they charge on home mortgages and other loans and in some cases are turning away borrowers they would have accepted before.</br></br>In the past week mortgage interest rates have jumped as much as 7sths of a point. Mortgages are virtually impossible to find for less than 13 percent and many lenders are charging 14 percent or more.</br></br>Interest charges for overdraft checking and other consumer loans also are going up, although most Maryland and Virginia banks already are charging the maximum permitted by state law.</br></br>So far. bankers report, the staggering increases in the cost of borrowing show no sign of reducing consumersÛª reliance on credit.</br></br>Borrowers who qualify lor loans appear willing to pay the rates, the bankers say; only by refusing loan applications are the lenders able to cut down on borrowing.