(CNN) — Would-be home buyers and homeowners looking to refinance their mortgages got a rare break this week after months of stubbornly high borrowing costs.

The 30-year fixed mortgage rate averaged 6.58% for the week ending August 14, the lowest level since October, according to data released Thursday from Freddie Mac.

The drop in borrowing rates comes as investors increasingly expect the Federal Reserve to cut its interest rates in September after recent data showed the US job market slowed sharply in July. The jobs report also showed downward revisions to previously reported employment numbers, indicating that the economy may be slowing more than expected.

“The recent slide in mortgage rates was triggered by July’s employment report from the Bureau of Labor Statistics,” said Kara N

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