BANKING

Mortgage Rates Lower: Fixed-rate mortgages averaged 8.78% this week, down from 8.91% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the lowest rate since May 6, 1977, when rates also averaged 8.78%. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 6.58%, down from 6.66% last week and the lowest since Freddie Mac began tracking ARMs in 1984. The rates do not include add-on fees known as points.