Jobs report surprises Wall Street - here's what it means for your 401(K), loans and mortgage

Oct. 4, 2024 - Daily Mail

Stocks jumped following the blockbuster report, which provided Wall Street with further reassurance that the labor market is on solid ground. The Fed's benchmark interest rate does not directly affect mortgage rates, but home loan costs tend to dip alongside rate cuts.

Mortgage rates had begun to fall in recent months, providing a boost for those looking to refinance or buy a home. This uptick mirrors a rise in US Treasury yields - which also jumped following the release of September's jobs report.

This could put modest upward pressure on interest rates, including mortgage rates.'..