RIVERSIDE, Calif. - The proportion of home loans made at adjustable rates continued to decline in the first quarter of 1995 as the gap between long-term and short-term interest rates narrowed, according to TRW Redi Property Data.

In a study of lending activity in 29 metropolitan counties around the country, TRW Redi, a nationwide real estate information company, found that adjustable-rate mortgages accounted for 37% of originations in March. This is a much lower number than the 44% reported by the Federal Housing Finance Board for March.

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