OTHER NEWS - April 11, 1992

Mortgage Rates Lower: Mortgage rates fell significantly this week for the first time since the year began and economists predicted further modest declines in the weeks ahead. Thirty-year, fixed-rate mortgages averaged 8.84% this week, down from 8.96% the week before, according to a national survey by the Federal Home Loan Mortgage Corp. It was the third consecutive decline since rates hit a high for the year so far of 9.03% during the week ending March 20. But rates still were substantially above the 19-year low of 8.23%, established the week ending Jan. 10. On one-year adjustable-rate mortgages, Freddie Mac said lenders were asking an average initial rate of 6.15%, down from 6.22% last week. The rates do not include add-on fees known as points.