Mortgage rates fall to 5.30% on recession fears

Mortgage rates saw their biggest drop since 2008 as investors raised their bets that the economy was headed for a downturn.

The average interest rate on a 30-year mortgage fell to 5.30%, mortgage financing giant Freddie Mac said Thursday. That’s down from 5.70% last week. Mortgage rates have not seen such a major weekly decline since December 2008, when rates fell from 5.97% to 5.53%.

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