Home mortgage rates declined last month.
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Mortgage rates dropped to their lowest level in nine years, with an average interest rate for all mortgages falling to 9.14%, the Federal Home Loan Bank Board reported. The FHLBB said the rate was the lowest since December, 1977. It compares to 9.23% in February. The average for fixed-rate mortgages declined to 9.48% from 9.51%, the bank board said. The average for adjustable-rate mortgages, with caps on interest rate increases, fell to 8.43% from 8.51%.
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