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Earlier this week, Freddie Mac reported that mortgage rates had fallen rapidly over the course of the week.

The government-sponsored entity that buys mortgages on the secondary market tracks trends in mortgage rates. Its data showed that the average interest rate on a 30-year fixed-rate loan fell from 5.7% last week to 5.3% this week.

This decline rate was the biggest decrease since 2008, and it’s a reversal of recent trends, which have seen financing costs increasing rapidly since the heart of the pandemic.