Wednesday, November 30, 2022 | The Latest Buzz for the Appraisal Industry

Housing Market Experiences Fastest Mortgage Rate Drop in Four Decades

Mortgage rates dropped from over 7% to 6.6% this week on better-than-expected inflation news, bringing some hope to prospective buyers. The largest weekly drop in mortgage rates in 40 years, along with the slowest annual home-price growth since the start of the pandemic, is providing some relief for would-be homebuyers’ budgets, Redfin reports.

Last week’s better-than-expected inflation report led to the biggest single-day mortgage-rate drop on record and the largest weekly drop since 1981,