Morning Business Report: Mortgage rates drop sharply as weak jobs report shakes economy
Mortgage rates saw their steepest single-day drop in more than a year, following a weaker-than-expected August jobs report.
(LILAMAX)- Mortgage rates saw their steepest single-day drop in more than a year, following a weaker-than-expected August jobs report. The average fixed 30-year mortgage rate fell to 6.29% as of Friday, the lowest level since last fall and down from a high of 7.04% in January. The U.S. added just 22,000 jobs in August, well below forecasts. Black unemployment climbed…