"Bond yields tumbled as the weaker-than-expected jobs report raised expectations for rate cuts from the Federal Reserve. That sent the average rate on the 30-year fixed mortgage to the lowest level since October 2024. The steep drop could help shake up the housing market, which has seen a dearth of activity amid high home prices and borrowing costs. After a disappointing spring and summer, the housing market could start to heat up as fall approaches with the latest plunge in mortgage rates."
"Bond yields tumbled on Friday as the weaker-than-expected jobs report raised expectations for rate cuts from the Federal Reserve. The 10-year Treasury yield dived 10 basis points to 4.076%, the lowest since April. Meanwhile, the average rate on the 30-year fixed mortgage sank 16 basis points to 6.29%, according to Mortgage Daily News. That marked the biggest single-day decline since August 2024 and the lowest level since Oct. 3 2024."
Bond yields fell sharply after a weaker-than-expected jobs report increased expectations for Federal Reserve rate cuts. The 10-year Treasury yield dropped about 10 basis points to 4.076%, the lowest since April. The average 30-year fixed mortgage rate fell 16 basis points to 6.29%, the largest single-day decline since August 2024 and the lowest since Oct. 3, 2024. Many lenders were quoted at 6.125% or in the high 5% range. A similar plunge occurred a year ago around rising unemployment and Sahm-rule recession fears, followed by Fed cuts that later coincided with a rise in rates when jobs strengthened. Payroll growth was reported at just 22,000.
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