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Mortgage Rates Decline: Fixed-rate mortgages averaged 9.61%...

From Times Staff and Wire Reports

Mortgage Rates Decline: Fixed-rate mortgages averaged 9.61% this week, down from 9.75% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.69%, down from 7.74% last week and the lowest since 7.66% during the week ending May 13, 1988. The rates do not include add-on fees known as points.


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