A sharp downturn in major stock indexes at the start of the month brought with it a return to lower interest rates on mortgages. So reports CNBC.
The average rate on the 30-year fixed mortgage was up to 3.75% on September 27 after climbing throughout the month, but it slid to 3.62% as of October 3. More starkly, that’s 1.25 percentage points below where the rate was a year ago.
The move came alongside a drop of more than 800 points total by the Dow Jones industrial average in the first two days of October.