BANKING

Mortgage Rates Lower: Fixed-rate mortgages averaged 8.76% this week, down from 8.78% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the lowest since April 15, 1977, when rates averaged 8.75%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.46%, down from 6.58% last week and the lowest since Freddie Mac began tracking ARMs in 1984. The rates do not include add-on fees known as points.