Biggest weekly drop in a decade in Mortgage rates

Homebuyers got a big boost to their purchasing power this week thanks to falling mortgage rates.

The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point for the week ending Thursday, down from last week when it averaged 4.28 percent, according to Freddie Mac. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.40 percent.

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