OTHER NEWS - July 25, 1992

Mortgage Rates Down Again: Thirty-year, fixed-rate mortgages averaged 8.08% this week, down slightly from 8.09% last week, according to the Federal Home Loan Mortgage Corp. It is the lowest rate since July, 1973. In mid-January, rates fell to 8.23%, rose to 9.03% by late March and have fallen in 14 of the 17 weeks since. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.45%, down from 5.50% last week and the lowest since the firm began tracking ARMs in 1984. The rates do not include add-on fees known as points.