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Banking & Finance

August 20, 1993|From Times Staff and Wire Reports

Mortgage Rates Fall for Third Week: The interest rates on 30-year, fixed-rate mortgages hit a 22-year low, the Federal Home Loan Mortgage Corp. said. This week's average, 7.10%, was the lowest since the corporation began calculating a weekly average in April, 1971. Last week, rates averaged 7.17%. The rate had been falling for most of the year when it started edging up in mid-April. It hit 7.52% in mid-May but resumed falling again with the release of government reports showing little inflation.

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