Housing Market Update: Biggest Crash in 40 Years

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Mortgage rates crashed by 47 basis points. Is the housing market turning around?

According to the most recent Freddie Mac survey, the 30-year fixed rate reduced this week to an average of 6.61%, down from last week's 7.08%.

Historically speaking, that’s a very big drop. It's the biggest tumble in 40 years. Not since 1981 has the market seen a crash like this in such a short period of time. Why?

The weaker inflation numbers last week seem to have crashed the mortgage rates and some lenders are seeing a significant increase in demand from home buyers for new mortgage loans.

Executives and loan officers are saying that it is too soon to suggest this is a turning point for the market.

What do you think? Check out the short video and share your thoughts in the comments.

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