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The Veterans Administration announced that it will raise the interest-rate ceiling for new, 30-year, fixed-rate mortgages it guarantees to 13 percent from 12.5 percent, effective Monday. The agency attributed the increase to ”current mortgage market increases.” It was the first change in the rate since Nov. 21, when the rate dropped to 12.5 percent from 13 percent. The agency also boosted by a half percentage point the maximum rates on graduated-payment mortgages, to 13.25 percent; and on home improvement loans, to 14.5 percent. Rates for manufactured (mobile) homes rose to 15.5 percent for unit-only loans.
