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Mortgage rates have fallen more than 40 basis points, or 0.4 percentage points, over the past three weeks. Rates may stay near their current levels for the next few weeks — but that depends on whether incoming economic data shows a cooling economy or a stubbornly hot one.
On Friday, the Bureau of Labor Statistics will release its March jobs report. This will give markets some idea of how the labor market is faring after so many Federal Reserve rate hikes. If this report comes in stronger than expected, mortgage rates could inch back up.