Large New York S&L cuts its home mortgage rates
One of New York's larger savings-and-loans, the Dry Dock Savings Bank, has lowered its mortgage rates, Monitor correspondent Ron Scherer reports. Dry Dock said it will now offer adjustable-rate home mortgages at 143/4 percent to savings account customers who make a 25 percent down payment. In addition, the bank will charge a one-time fee of 3 percentage points. Before, the fixed-rate charge was 171/2 percent with a one-time fee of 4 points.
In addition, the bank will extend the terms of its mortgage loans from 25 to 30 years. The bank said it lowered its mortgage rate because of the recent drop in interest rates and ''because of our desire to help put some life into the housing market in the New York area.'