Mortgage Interest Rates Today, October 3, 2024 | Rates Stay Put as Labor Market Continues to Show Strength [Business Insider]
Rocket Companies, Inc. Class A (RKT)
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Source: Business Insider
Because the labor market remains strong, mortgage rates might not drop much more this year. Mortgage rates have been holding steady this week and are slightly higher than they were last month, when 30-year rates averaged 5.74%, according to Zillow data. Rates dropped substantially last month ahead of the Federal Reserve's meeting, where the central bank lowered the federal funds rate by 50 basis points. But now that this cut has happened and future Fed cuts are already priced in, mortgage rates might not go down much more this year unless the economic outlook changes. For rates to go lower, the labor market would likely need to show signs of weakening. But so far this month, conditions appear to be strong. On Wednesday, ADP reported that private sector employment increased more than expected in September. And recent data from the Bureau of Labor Statistics showed that job openings increased in August. What Are Today's Mortgage Rates? What Are Today's Mortgage Refinance Rate
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- Mortgage Interest Rates Today, October 4, 2024 | Rates Could Hold Steady for the Rest of the Year [Business Insider]Business Insider
- Mortgage rates are at a two-year low. When should you refinance? [USA TODAY]USA TODAY
- Mortgage Interest Rates Today, October 2, 2024 | Rates Hold Under 6% as Markets Wait for Fresh Jobs Data [Business Insider]Business Insider
- Mortgage Interest Rates Today, October 1, 2024 | Rates Fell Far in September. Will They Drop This Month Too? [Business Insider]Business Insider
- Mortgage Interest Rates Today, September 30, 2024 | Rates Are Low. Will They Go Lower This Year? [Business Insider]Business Insider
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