Mortgage rates dropped to their lowest level in more than a year as the Federal Reserve cut short-term interest rates this week. The rate decline offers a refinancing opportunity for some homeowners.
The average rate on a 30-year fixed-rate mortgage fell five basis points to 6.01% APR in the week ending Oct. 30, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
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