US Mortgage Rates Dropped the Most Since 2008 as Recession Concerns Mount

Per Bloomberg

Mortgage rates fell by half a percentage point in the last two weeks. This is the fastest drop since 2008.

As borrowing costs slightly declined, home applications rose by 2.8%. This happened as the contract rate of 30-year fixed mortgages dropped by 23 basis points to 6.67 in the week that ended on Nov 18.

The refinancing activity index edged up from a 22-year low as demand still remains depressed.