Mortgage Rates Drop Following Weak Jobs Report, Stocks Rally on Rate Cut Hopes
-
Mortgage rates dropped after a weak October jobs report suggested the Fed may stop raising interest rates soon.
-
The housing market could benefit from lower mortgage rates, improving affordability.
-
Stock indexes jumped on hopes of slower Fed rate hikes. Investors anticipate potential rate cuts in 2024.
-
Job losses were concentrated in auto manufacturing due to strikes, but there are signs of broader cooling.
-
If job weakness persists, lower rates would help buyers, but a recession could also hurt employment.