Mortgage rates drop for the 1st time in months

(CNN)– There’s good news for would-be home buyers. Mortgage rates are dropping for the first time in months.

According to data released Thursday by Freddie Mac, for the week ending September 11, the 30-year fixed mortgage rate averaged 6.35%.

That’s down from six-and-a-half percent last week.

And it’s the sharpest weekly drop in borrowing costs so far this year.

It comes as the bond market flashes signals that the U.S. economy may be deteriorating more than expected after new data suggested the U.S. labor market was much weaker than previously thought.