The Federal Reserve has seen a significant drop in interest rates, with the 30-year fixed rate index reaching its lowest level in nearly two months. This comes after retail sales data showed much lower-than-expected numbers, a trend that typically signals weaker economic conditions. According to yesterday’s Producer Price Index (PPI) release, rates had jumped earlier in the week due to inflation concerns, but the latest data has reversed this trend. With bond markets set to close on Monday for the holiday, this move is seen as a sign of a slowing economy and may provide temporary relief to mortgage borrowers.
Source: https://www.mortgagenewsdaily.com/markets/mortgage-rates-02142025