Mortgage rates tumble to lowest level since April 2023 after weak jobs report
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Mortgage rates tumbled on Friday to their lowest since April 2023 after a weak jobs report sent bond yields sharply lower and boosted Wall Street's expectations for an interest rate cut from the Federal Reserve at its September meeting.
The average rate for a 30-year fixed mortgage dropped 0.22 percentage points to 6.4%, according to Mortgage News Daily. That's the lowest average rate for the most commonly held home loan since April 2023, according to data from Freddie Mac.
"The market is moving ahead of the Fed, bringing down longer-term rates including those for mortgages, which should lead to both more home purchases and a pickup in refinance activity," Mike Fratantoni, chief economist, with the Mortgage Bankers Association, said in a report.
An American man who had been on the run for over two decades was arrested in Toronto earlier this year, police said.
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Charter Communications has agreed to merge with Cox Communications in a $34.5 billion deal that will combine two of the top three cable companies in the U.S.
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