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Banking & Finance

September 10, 1993|From Times Staff and Wire Reports

Mortgage Rates Drop for Sixth Week: Interest rates on 30-year, fixed-rate mortgages fell this week for the sixth straight week to the lowest level in more than 25 years, the Federal Home Loan Mortgage Corp. said. This week's average was 6.82%, the lowest since May, 1968, when they averaged 6.81%. Fifteen-year mortgages, an increasingly popular option for those refinancing mortgages, averaged 6.35% this week, down from 6.45% last week. The rates do not include add-on fees known as points.

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