BANKING
From Times Staff and Wire Reports
Mortgage Rates Drop: Fixed-rate mortgages averaged 9.02% last week, the lowest in 13 1/2 years, the Federal Home Loan Mortgage Corp. said. The rate, down from 9.14% the week before, was the lowest since Jan. 20, 1978, when it was 8.98%. One-year adjustable-rate mortgages averaged 6.87%, down from 6.93%.
