BANKING

Fixed-Rate Mortgages Down: Fixed-rate mortgages averaged 8.63% this week, down from 8.69% last week, according to a survey released by the Federal Home Loan Mortgage Corp. It was the lowest since April 19, 1974, when rates also averaged 8.63%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.34%, down from 6.40% last week and the lowest since Freddie Mac began tracking ARMs in 1984. The rates do not include add-on fees known as points.