Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected. The labor market isn’t tight anymore and that will eventually be good news for mortgage rates.

After last month’s jobs report, I talked about the path the Federal Reserve could take to land the plane based on wage growth data slowing down and getting closer to the Fed’s model. Today’s wage growth data continued that trend as we now have a three-handle on the 12-month hourly wage growth data. The Fed’s fear that wages would spiral out of details ⇒

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