The downward movement in mortgage rates over the past few months accelerated last week as a cooler-than-expected jobs report and indications of a Federal Reserve rate cut led to a steep drop in loan pricing.
Aug 06, 2024
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The downward movement in mortgage rates over the past few months accelerated last week as a cooler-than-expected jobs report and indications of a Federal Reserve rate cut led to a steep drop in loan pricing.
Mortgage rates fell on the back of recent statements by Fed Chair Jerome Powell, fueling speculation of a cut in September.
Housing market cheers as rate cuts are on the horizon for 2024. Industry players expect a busier market as mortgage rates fall.