Mortgage Rates Plummet as Auto Worker Strike Triggers Wall Street Domino Effect

Mortgage rates have experienced a significant drop, going from over 8% to under 7.5% in just a few days, marking one of the best three-day periods for rates and bonds in the past two years. This improvement can be attributed to friendly economic data, lower-than-expected auction amounts, and traders exiting bets on higher rates. The recent jobs report, which showed weaker-than-expected numbers, further supported the drop in rates. While the labor market remains strong, the rate market had been pricing in even stronger conditions. Lenders are now offering a wide range of rates, with some quoting rates in the high 6's and others still near 8%.