US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month.

The standard 30-year fixed-rate mortgage averaged 6.47% this week.

That’s down substantially from last week’s average of 6.73% and marks the lowest level since May 2023.

This plus price index reports could be good news.

Or it could be a sign the vibecession is turning into a recession.

Not sure I’d call it until after the election.