Mortgage Rates Sideways Amid Economic Uncertainty
Typically, the Bureau of Labor Statistics (BLS) employment report, originally scheduled for October 3, would have been a key market mover for mortgage rates, offering insight into how much the Federal Reserve might adjust monetary policy in response to a cooling labor market. However, with the government shutdown delaying major economic data releases, markets are relying on alternative data sources, which may have contributed to the narrow range for mortgage rate movements over the last week.
Impact on the Housing Market
Despite the economic uncertainty, current market conditions present a unique opportunity for financially prepared buyers. Although affordability remains challenging, buyers currently have greater negotiating power than in previous years. Homes are staying on the market longer, giving potential buyers additional time to evaluate their choices.