Fixed-Rate Mortgages Continue to Fall: Fixed-rate mortgages...

Fixed-Rate Mortgages Continue to Fall: Fixed-rate mortgages dropped to 9.85% in October, the Federal National Mortgage Assn. said in a report expressing optimism for the sluggish housing industry. Fannie Mae said its monthly national survey showed October rates for 30-year, fixed-rate mortgages down from 9.93% in September, in a return to their August level. The rate had been 9.73% in July, the lowest since a 9.25% rate in March, 1987. Rates for adjustable-rate mortgages, meanwhile, edged up to 8.55% in October from 8.53% in September and 8.51% in August.