Drop in mortgage rates could mean big savings
President’s MessageRobert Bolar The fall housing market is showing some signs of heating up even as the weather cools down. That’s because a tumble in mortgage rates has encouraged many buyers to make a move — potentially saving them thousands on their mortgage. For the week ended Oct. 10, the 30-year fixed-rate mortgage averaged 3.57 percent, according to mortgage giant Freddie Mac. That’s significantly lower than last year when rates averaged 4.90 percent. In fact, the rates in September and October are the lowest they’ve been since early 2013. Fifteen-year rates are even lower, averaging 3.05 percent compared to 4.29 percent last year, according to Freddie Mac. The plunge in rates equates to thousands in savings. For example, at a …
