ECONOMY
From Times Staff and Wire Reports
Mortgage Rates Slip: Fixed-rate mortgages averaged 9.62% last week, down slightly from 9.67% the week before, the Federal Home Loan Mortgage Corp. said. It was the lowest level since fixed-rate mortgages averaged 9.48% the week ending June 7. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.25%, unchanged from the week before. The rates do not include add-on fees known as points.
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