To push mortgage rates lower than 5.75%, we need weakened economic data, especially within the labor market, and for the Fed to adopt a more dovish stance.
A stock market correction can trigger a flight to safety into bonds; if corporate profits are expected to decline, investors often prefer the security of government bonds.
The bond market has demonstrated resilience, recently dipping below the 3.80% threshold as negative job reports indicate a potential for improved mortgage spreads.
For mortgage rates to descend significantly, the Fed, known for its slow response, must be prompted by economic weakness to take more aggressive rate cuts.
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