BANKING & FINANCE - Feb. 26, 1993
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Fixed-Rate Mortgages Drop to 20-Year Lows: Rates on fixed 30-year mortgages dropped again this week, reaching a new 20-year low and boosting hopes that the fledgling recovery in the Southland’s real estate market will strengthen. Fixed-rate loans now average 7.53%, the Federal Home Loan Mortgage Corp. said, down sharply from 7.65% a week ago. Analysts said the unusually large decline stemmed from a strong, weeklong rally in the bond market, and they predicted more volatility in rates over the next few weeks.
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