We had good news this week! Mortgage rates dropped over 0.5% this week, and we're now below 7.5% percent.

Why the drop? It was a huge data week this week.

First, the Fed paused on the rate hikes, noting that the increases over the past year and a half are starting to kick in.

Most importantly, there was a ton of data that came out on the job picture: Jobless claims went up, the unemployment rate went up, new jobs went down. Previous job reports were revised downward as well. Average hourly earnings went down. We're also seeing overseas economies are slowing as well. All good news for inflation, the key driver of mortgage rates!

Remember, a 1% drop in rates can bring upwards of three and a half million homebuyers into the mix.

Now, the news doesn't always spread to the consumer as fast. So get this out!

The headlines will focus on the decline in jobs and the economy, not on the opportunity for buyers to jump back into the market, get a little bit of a better rate and maybe seller concessions.

So let them take advantage of this, and keep your buyers motivated and find them a home!

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Bill Gaylord, NMLS 680603 | Gaylord-Hansen Team at CrossCountry Mortgage | 858-776-6830

Rate Source: Mortgage News Daily (https://www.mortgagenewsdaily.com)

The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.

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