BANKING & FINANCE

From Times Staff and Wire Reports

Fixed Mortgage Rates Drop: Thirty-year, fixed-rate mortgages averaged 7.50% this week, down from 7.52% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. The 30-year rate has generally been on the rise since the week ended April 22, when it averaged 7.38%, the lowest in nearly 21 years. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.65%, up from 4.64% last week. The ARM hit a record low of 4.63% two weeks ago. The rates do not include add-on fees known as points.

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