August 13, 1998

Asian Malaise Brings Low Rates to Americans In the complex chain of global economic events, the malaise that has brought pain and suffering to Asians has given American consumers low interest rates -- a trend economists expect to continue. One result is that home mortgage refinancings have hit their highest levels in years. The average interest rate on a 30-year mortgage, which started the year at 7.05 percent, is now 6.9 percent. [Page D7.] Treasury prices slipped, as the dollar fell against the yen before steadying. [D7.]

Rep Joseph P Kennedy 2d's retirement has drawn 10 strong Democrats into race in his Massachusetts Congressional district, Democratic stronghold; contenders are sparring in part over who is most liberal liberal in bastion of blue-collar liberalism; ex-Mayor Raymond L Flynn is front-runner; map; table of demographics; graphs; photo (M)

Market Place: Small investors are holding steadfast during market turmoil as institutional investors are moving stock markets; professional traders and portfolio managers are selling aggressively, presumably on fears about slowing profit growth at home and economic turmoil in Asia; graph (M)

Site for William J Clinton Presidential Library has been chosen, but not the architect; 26 acres of warehouses and vacant lots have been set aside on banks of Arkansas River in Little Rock; list of possible architects includes Charles Gwathmey, Frank Gehry and I M Pei; photo (M)

Microsoft, which has shaped the way millions of people use computers, is helping to shape the way people talk as well, with creation of new words and new meanings for old words; Microspeak, slangy jargon made up of dozens of words and phrases commonly used at Microsoft, has been documented in informal lexicon written by workers and is available on the Web (cinepad.com/mslex.htm); excerpts; photo (M)