Mortgage rates drop to a 2-month low as the US job market shows signs of slowing
Mortgage rates dropped to a two-month low as the labor market in the world's largest economy showed signs of a slowdown, prompting a surge in weekly applications for home loans.
"Incoming data last week showed that the job market is beginning to slow, which led to the 30-year fixed rate decreasing to 6.30%," Mike Fratantoni, the MBA's chief economist, said in the group's update. , fewer than an expected reading of 239,000. March's additions were also below February's upwardly revised increase. The unemployment rate fell to 3.5% from 3.6%.
The five-week decline in mortgage rates comes alongside a burst of anxiety in markets after last month's collapse of Silicon Valley Bank and Signature Bank sparked a jump in deposits flowing out of small to mid-sized banks.
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