Mortgage rates reversed course this week, falling for the first time in three weeks, according to the latest data released Thursday by the Federal Home Loan Mortgage Corp.
Friday’s feeble jobs report, which showed the labor market is far from robust, had most economists predicting that when the Federal Reserve meets next week, it will not raise interest rates. The Fed doesn’t set mortgage rates, but its decisions influence them.
[Hiring dropped sharply in May, the weakest in 6 years; unemployment rate fell to 4.7 percent]
Global economic concerns — chiefly the United Kingdom’s referendum later this month on whether to remain part of the European Union, orBrexit, as it is commonly known — are also fueling investor worries. Those fears are driving down Treasury yields. After Wednesday’s auction, the 10-year note dipped to its lowest level in two months.
