Mortgage rates fell below 10% in early October.

They hit their lowest levels since 1978, reflecting declines in U.S. interest rates generally, federal thrift regulators said. The average effective interest rate on all loans closed by major lenders was 9.98% in early October, the Federal Home Loan Bank Board reported. Analysts said the drop in mortgage interest rates was in line with steady declines in other interest rates this year. The FHLBB said the rate for fixed-rate mortgage loans fell 8 basis points to 10.39% in early October from its month-earlier level. The rate for adjustable-rate loans fell 18 basis points to 9.07%.