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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% 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 biggest one-day drop since August 2024. Rates are finally breaking out of the high 6% range, where ...

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