BANKING & FINANCE - July 2, 1993

30-Year, Fixed Mortgage Rates Drop to 7.23%: The Federal Home Loan Mortgage Corp. said this week’s average was down from 7.34% a week earlier and was the lowest weekly average since the week ended March 3, 1972. Rates had been falling for most of the year when they started edging up in mid-April, hitting 7.52% six weeks ago. But in mid-June, with the release of government reports showing less inflation, rates resumed their decline. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.58%, down from 4.59% last week.