BANKING & FINANCE - Sept. 2, 1994

Fixed-Rate Mortgages Dip: Thirty-year fixed-rate mortgages averaged 8.48% this week, down from 8.56% last week, according to a national survey by the Federal Home Loan Mortgage Corp. The rate was the lowest since Aug. 4, when it averaged 8.38%. The average hit a 25-year low of 6.74% last October. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.49%, down from 5.54% last week. Fifteen-year mortgages, a popular option for people refinancing mortgages, averaged 7.96% this week, down from 8.05% a week earlier. The rates do not include add-on fees known as points.