Mortgage rates were down across the board compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

Several factors move mortgage rates, some more impactful than others. The Federal Reserve has paused its rate-cutting cycle as inflation stays elevated. The latest Consumer Price Index (CPI) showed higher-than-expected inflation in January.

Also in the picture: employment. The latest jobs report for February revealed the labor market softened somewhat, with unemployment rising to 4.1 percent.

That isn’t likely to translate to Fed cuts anytime soon, however.

 

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