BANKING & FINANCE - April 16, 1993

Mortgage Rates Dip: Fixed-rate 30-year mortgages averaged 7.45% this week, down from 7.57% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the lowest since March 5, when the rate hit a 20-year low of 7.44%. Government reports this week and last indicating both inflation and economic growth remain subdued have sent interest rates falling. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.70%, down from 4.81% last week and the lowest since the company began tracking ARMs in 1984.