"Record-breaking Mortgage Rate Drop Spurs Surge in Demand and Refinancing"

Mortgage rates in the US are falling at the fastest pace since the 2008 housing-market crash, with the 30-year fixed mortgage rate dropping 69 basis points in a five-week period. This decline is attributed to expectations that the Federal Reserve will cut rates next year. As a result, applications for home refinancing have surged, while applications for purchasing a home remain low due to high prices and limited inventory. Analysts predict that mortgage rates will continue to slide in 2023, settling in the 6% to 7% range.