Mortgage rates are rising despite Federal Reserve rate cuts, with the 30-year fixed rate averaging 7.09% as spreads have improved since early January.
The Fed's recent cuts have not translated to lower mortgage rates; in fact, the 30-year fixed rate has increased by 78 bps since mid-September.
Market predictions indicate no further cuts from the Fed in January, while a significant 37% anticipate a 25-bps cut by March, influencing future mortgage rates.
The upcoming employment report will be crucial for determining Fed policy directions, with economists predicting a slowdown in job creation for December.
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