Mortgage rates dropped slightly this week, with the average 30-year rate at 6.23% and the 15-year rate at 5.51%. The 10-year Treasury yield fell, signaling a potential rate cut in December. Traders predict an 83% chance of a 25-basis point cut at the Fed’s upcoming meeting.

Consensus is growing for a December rate cut as the labor market weakens. Job losses at private employers accelerated this month. Mortgage rates could hit near 2025-lows, giving homebuyers a boost. Treasury yields and mortgage rates fell after news that Kevin Hassett is seen as a frontrunner for Fed Chair.

Mortgage rates have been low, attracting buyers back into the market. Contract signings rose 1.9% in October, and home purchase applications were up 8%. Experts believe another rate cut could further stimulate the housing market.

Read more at Yahoo Finance: Mortgage rates dropped this week amid fresh signs of job market weakness