Mortgage rates are falling at the fastest pace since the 2008 housing market crash

• The 30-year fixed mortgage rate slipped to 7.17% last week from 7.37% in the prior week.
• Going back to late October, the key borrowing rate has tumbled 69 basis points.
• That's the biggest drop during a five-week period since late 2008, Bloomberg reported.

The housing market is getting a bigger jolt as mortgage rates continue to tumble along with US Treasury yields.

In the week ended December 1, the 30-year fixed rate slipped to 7.17% from 7.37% in the prior week, according to the Mortgage Bankers Association.