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.
Yes now that you lost your job the house that barely lowered in price and now a mortgage rate that dropped “a bit”, go try getting approved tiger.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »