Mortgage rates plummet! | Biggest one-week drop in 27 years

Posted by Jace Stolfo on Thursday, December 4th, 2008 at 9:06pm.

This week saw the biggest one week decline in interest rates in 27 years!  According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.53% for the week ending Dec. 3, down from 5.97%.  These are the lowest rates since January and nearly a full point lower than a month ago.

Frank Nothaft, Freddie Mac vice president and chief economist said the recent plunge in rates contributed to a nearly 150% increase in mortgage applications over Thanksgiving week.  Nothaft also said refinances jumped 300%.

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