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BANKING

From Times Staff and Wire Reports

Mortgage Rates Down: Fixed-rate mortgages averaged 8.92% this week, the lowest in nearly 14 years, according to a national survey released by the Federal Home Loan Mortgage Corp. The rate, down from 8.95% last week, was the lowest since Nov. 4, 1977, when it was 8.90%. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 6.83%, unchanged from last week.


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