From Times Staff and Wire Reports

Mortgage Rates Decline: Thirty-year, fixed-rate mortgages averaged 7.42% this week, down from 7.43% last week, according to a national survey by the Federal Home Loan Mortgage Corp. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 4.66%, down from 4.67% last week and the lowest since the corporation began tracking ARMs in 1984. The rates do not include add-on fees known as points.

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