Posted 11/3/2023, 10:01:11 PM
Mortgage Rates Drop as Weak Jobs Report Slows Expected Fed Hikes, Lower Rates Could Aid Housing Market
- Mortgage rates dropped after weak job growth lowered expectations for more Fed rate hikes.
- The housing market may benefit from lower rates after recent spikes to over 8%.
- Stock markets rallied on hopes of an end to the Fed's rate hike campaign.
- Strikes likely depressed the October jobs number, clouding the labor market picture.
- Lower rates could offer relief, but a recession may bring more economic pain.