US mortgage rates fell at the fastest pace since 2008 in the past week, as economic jitters in bond markets feed through to home loans at a time when dwelling costs are at historic highs.
The average interest rate charged on a 30-year fixed-rate mortgage dropped for a second consecutive week to 5.3 per cent, down from 5.7 per cent the week before, Freddie Mac, the government-backed home loan agency, said on Thursday.
The decline partial reverses a swift and steep rise in mortgage rates this year that has followed the Federal Reserve’s aggressive campaign to combat inflation by raising benchmark interest rates. A year ago mortgage rates averaged 2.9 per cent.
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