Mortgage Rates Officially Hit 2-Month Lows

Mortgage rates scored a major victory today at the expense of the labor market. Recent examples of the Employment Situation Report (the big “jobs report,” which dwarfs all comers in terms of significance) have been surprisingly strong. That presented major problems for rates in February and March as it ramped up expectations for a Fed rate hike. But those expectations have come crashing down in the past few hours. This report wasn’t just moderately weaker, it was the biggest month-over-month drop in well over a year. The bond markets that underlie mortgage rate movement responded immediately, moving to the best levels in nearly 2 months. As for mortgage rates themselves, lenders offerings ac…
Mortgage Rates Newsletter – Market Analysis

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