Mortgage Rates Plummet Following Weak July Jobs Report

The unexpected rise in unemployment and lower job additions have led to significant drops in mortgage and refinance rates.

The average 30-year fixed mortgage rate has fallen to its lowest level since April 2023.
The Federal Reserve is now expected to cut rates more aggressively in response to the slowing labor market.
Homebuyers and those looking to refinance may benefit from the lower rates, with potential savings on monthly payments.
The supply of homes for sale has increased, which could further influence the housing market dynamics.
Economists predict multiple rate cuts by the Fed throughout 2024 to support the economy.