Long-term rates are heading back down to a place that might get buyers off the sidelines. 

Freddie Mac reported 6.35% as the average on a 30-year mortgage on Thursday, down 15 basis points from last week. It was the largest weekly drop in a year. 

“Mortgage rates are headed in the right direction and homebuyers have noticed, as purchase applications reached the highest year-over-year growth rate in more than four years,” said Sam Khater, Freddie Mac’s Chief Economist. 

Rates are down more than 50 basis points since June, and are at the their lowest point in almost a year.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.