Mortgage rates see biggest one-day drop in over a year
The average rate on the 30-year fixed mortgage dropped 16 basis points to 6.29% on Friday, according to Mortgage News Daily, following the release of a weaker-than-expected August employment report. It marks the lowest rate since Oct. 3 and the biggest one-day drop since August 2024. Rates are finally breaking out of the high 6%…