Interest rates on commitments for fixed-rate mortgages...

Interest rates on commitments for fixed-rate mortgages declined to 10.50% in early February from 10.97% in early January, while rates on adjustable-rate mortgages dropped to 8.74% from 8.98%, according to the Federal Home Loan Bank Board. James Barth, chief economist at the bank board, said the drop “is consistent with the softening of mortgage demand that generally occurs during the winter months.” However, he added that “the recent declines were the sharpest since 1986 for both types of mortgages” and appear to reflect large flows into depository institutions after the stock market collapse last October and an across-the-board decline in interest rates.