When it comes to mortgage rates, the key factor to watch moving forward remains the labor market.
The Federal Reserve doesn't directly set long-term rates like mortgage rates. Instead, financial markets look to expectations about the future direction of the economy, labor market, inflation, and Fed policy.
According to a new survey by John Burns Research and Consulting, the average 30-year fixed mortgage rate is still well above the 'magic mortgage rate.'
ResiClub PRO | The potential refinance pool is growing; however, it is still expected that traditional refinances will have a lower ceiling this cycle.
Among U.S. homeowners who have a mortgage, 76% have an interest rate below 5.0%.
