BANKING

Mortgage Rates Drop: Interest on 30-year, fixed-rate mortgages averaged 7.50% this week, down from 7.57% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the first drop in three weeks. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 4.75%, down from 4.82% last week. The rates do not include add-on fees known as points.