BANKING AND FINANCE

Mortgage Rates Hit Four-Year Low: Fixed-rate mortgages averaged 9.19% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. The rate, down from 9.27% the week before, was the lowest since fixed-rate mortgages averaged 9.09% during the week ending March 27, 1987. The previous low for this year was 9.25% during the week ending Feb. 15. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.05%, down from 7.14% and the lowest since Freddie Mac began tracking ARMs in 1984. The rates do not include add-on fees known as points.