BANKING & FINANCE - April 23, 1993
From Times Staff and Wire Reports
Home Mortgage Rates Fall to 21-Year Low: Home mortgage rates dropped to their lowest level in 21 years this week, just in time to help with what builders anticipate will be a strong spring boom in home building and sales. The Federal Home Loan Mortgage Corp. said its latest mortgage market survey found that the average rate for a 30-year fixed-rate mortgage was 7.38%. That is the lowest since Aug. 4, 1972, when rates for the 30-year mortgage averaged 7.35%. A year ago, the 30-year fixed-mortgage rate was 8.85%.
