Home mortgage rates edged down slightly last...

Home mortgage rates edged down slightly last month, continuing a trend set after the Federal Reserve Board loosened the reins on the money supply in response to the October stock market crash. The Federal Home Loan Bank Board said fixed-rate mortgages averaged 11.07% in early December, down from 11.19% in early November. Rates had hit a low of 9.47% in March and then climbed to high for 1987 of 11.42% in early October, before the stock plummet. The most popular type of adjustable-rate mortgages, one with a rate cap, dropped to 8.94% from 8.98%.

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