Mortgage Rates Drop Sharply, Fed Not the Cause

Mortgage rates fell significantly today, but not due to the Federal Reserve's expected 0.25% rate cut. The drop occurred before the Fed's announcement, driven by election-related volatility in the bond market. While jobless claims data may have played a minor role, the primary cause was the volatile trading environment. Mortgage rates dipped below 7.0% for the first time since late October, reaching their lowest levels in several weeks.