Mortgage rates suddenly declining: 30-year fixed rate averaging 5.3%

Mortgage rates are suddenly kicking it into reverse gear.

Driving the news: The average 30-year fixed mortgage rate experienced its biggest week-to-week drop since 2008, falling from 5.7% to 5.3%, Freddie Mac reported Thursday.

Why it matters: Mortgage rates had jumped every month this year, making it much more expensive to borrow to buy a home.

• 30-year fixed mortgage rates were averaging 2.9% a year ago.

The big picture: Concerns about a possible recession are fueling the about-face in rates.

What we're watching: Whether housing price growth eases up.

• "Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance," Joel Kan, an economist with the Mortgage Bankers Association, said in a statement.