Mortgage Rates Post Biggest Drop in a Year, Spurring Refi Rush

Homes in North Miami in August.

Photographer: Zak Bennett/Bloomberg

Mortgage rates in the US fell by the most in a year, fueling a surge in refinancing demand from homeowners looking to save money.

The average for 30-year, fixed loans was 6.35%, down from 6.5% last week, Freddie Mac said in a statement.