Mortgage Rates See Biggest 5-Week Drop Since 2008, Sparking Refinance Boom
• The 30-year fixed mortgage rate fell to 7.17% last week, down from 7.37% the prior week • It was the largest 5-week rate drop since late 2008 (69 basis points) • Falling rates led to a 14% weekly jump in refinance applications • Purchase applications fell 0.3% last week and 17% from last year due to high prices • Analysts expect rates to keep falling in 2023, settling in the 6%-7% range