(Washington, DC) — Mortgage rates dropped to their lowest level in more than a year on Friday.
The average on a 30-year fixed mortgage fell to six-point-29 percent following the release of a weaker-than-expected August jobs report.
According to Mortgage News Daily, the 16 basis point drop is the biggest single-day decline since August 2024. It’s also a major change from May when mortgage rates peaked above seven-percent.
