After data showed inflation cooled in October, mortgage rates fell sharply on Thursday by its biggest ever margin, according to data from Mortgage Daily News (MDN).
The Consumer Price Index (CPI) data released on Nov. 10 showed 12-month inflation growing by 7.7 percent in October, down from 8.2 percent in September, and below market expectations of 8 percent. It was 1.4 percentage points below this year’s peak inflation rate of 9.1 percent hit in June.
On Thursday, the average rate on a 30-year fixed-rate mortgage fell to 6.62 percent from the previous day’s 7.22 percent, a decline of 0.60 percentage points. This fall in the mortgage rate is the “best day on record” as far back as 2009, MDN said in a blog post on Nov. 10….