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

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 sank 16 basis points on Friday to 6.29%, according to Mortgage Daily News.