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- Homebuilder stocks notched fresh highs as mortgage rates saw their biggest plunge in 15 years.
- The 30-year fixed mortgage rate has fallen 69 basis points in the last five weeks, the steepest drop since 2008.
- Shares of Toll Brothers, Lennar, and DR Horton all hit new records.
Homebuilder stocks just notched fresh highs, thanks to mortgage rates seeing their steepest plunge in 15 years.
The rate on the 30-year fixed mortgage slipped to 7.17% in the week ending December 1, according to the Mortgage Bankers Association, plummeting 69 basis points over the past five weeks. That marks the steepest decline in mortgage rates during for that timeframe since 2008, Bloomberg reported.