The Nov. 25 announcement of a Federal Reserve commitment to purchase $600 billion of mortgage-related debt from Fannie Mae, Freddie Mac and the Federal Home Loan Banks put immediate downward pressure on U.S. mortgage rates. Bankrate Inc. reports that average interest on 30-year fixed loans dropped to about 5.5 percent on the news, falling from 6.38 percent at the start of the day. According to Bankrate's Holden Lewis, the slide represented the biggest one-day decline in at least seven years. The lower borrowing costs will especially benefit homeowners who still have enough equity to refinance, said Quicken Loans chief economist Bob Walters, who noted that, "I've been trading mortgages for 20 years and you don't see many days when one thing moves rates like this. You'll see a pickup in demand for housing."