Mortgage rates dropped this week amid fresh signs of job market weakness

Group 1 - Mortgage rates have decreased slightly, with the average 30-year mortgage rate at 6.23%, down from 6.26% the previous week, and the average 15-year mortgage rate at 5.51%, down from 5.54% [1][5] - The 10-year Treasury yield, which influences mortgage rates, has been declining as expectations for a Federal Reserve rate cut in December increase [2][3] - There is growing consensus for a December rate cut, with traders estimating an 83% chance of a 25 basis-point cut at the Fed's meeting on December 9-10 [3] Group 2 - Job losses at private employers have accelerated, indicating a weakening labor market, which is contributing to the expectation of a rate cut [3] - Mortgage applications for home purchases increased by 8% compared to the previous week, indicating a slight resurgence in buyer interest due to lower mortgage rates [5] - Contract signings for homes rose by 1.9% in October from the previous month, reflecting improved market activity [5]