Despite the Fed's planned cuts, mortgage rates are primarily influenced by the 10-year Treasury yield, resulting in increased rates despite federal rate reductions.
Bank of America analysts characterized the December jobs report as extraordinary, with nonfarm payrolls rising by 256,000, significantly exceeding the average growth rate over six months.
The resilience of the labor market has led analysts to believe that the Fed's current cycle of rate cuts is likely complete, with little need for further easing.
Interest rate traders anticipate that the federal funds rate will remain stable at 4.25% to 4.5% range, according to insights from the CME Group's FedWatch tool.
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