BANKING & FINANCE - June 18, 1993
From Times Staff and Wire Reports
Average Mortgage Rates Decline: The average interest rate on a 30-year, fixed-rate mortgage has fallen to 7.38%, the Federal Home Loan Mortgage Corp. said. The latest average, down from 7.48% a week ago, came after two government reports on prices in May allayed financial market fears of renewed inflation. The average rate was 7.38% during the week ended April 22, then began edging up. Four weeks ago, it was 7.52%. For one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.64%, down from 4.67% a week earlier.
