Mortgage rates see biggest one-day drop in over a year | NYGazet

Mortgage rates plunged sharply following the release of a weaker-than-expected August employment report. Rates are now at the lowest level since October.

The average rate on the 30-year fixed mortgage dropped 16 basis points to 6.29% Friday, according to Mortgage News Daily, following the release of a weaker-than-expected August employment report. It marks the lowest rate since October 3 and the bigge... [2569 chars]