Completely rewrite the following article in a fresh and original style. Ensure the new content conveys the same sentiment and message as the original. The rewritten article should:
- Start with a compelling introduction that hooks the reader (do not label this section).
- Maintain any lists and points as they are, using numbering and bullet points where necessary. Rewrite the explanations and discussions around these points to make them fresh and original. Ensure the lists are formatted correctly with proper numbering or bullet points.
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Organize the content into clear, logical sections. Subheadings are not mandatory. Each section should have a subheading only if it enhances readability and comprehension.
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End with a strong conclusion that summarizes the key points and provides a closing thought or call to action (do not label this section).
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Ensure it is formatted properly with adequate line spacing
Make sure the article flows coherently, is engaging, and keeps the reader interested until the end. Reorganize and structure the content efficiently to enhance readability and comprehension. Use varied sentence structures and vocabulary to avoid monotony. Avoid directly copying any sentences or phrases from the original content. Here is the original content:
Mortgage rates are plunging on the news of weak job growth and rising unemployment. The 4.3% unemployment rate is the highest since coming out of the COVID lockdown and higher than the 3.5% unemployment rate right before the COVID-19 arrival. The hourly wage gain of 3.2% is the weakest in 3 years.
The Fed was late moving away from the restrictive monetary policy stance when early signs of a softening economy were visible. Soft manufacturing survey data, falls in construction activity, and damaging financing costs for small businesses clearly hint at a cooling economy and further cooling in inflation. The Fed may make a deeper cut of 50 basis points in September.
The 30-year fixed mortgage rate looks to fall to 6.5% or even lower in the upcoming weeks. That is what the 10-year bond yield suggests, which plunged to 3.8% this morning, compared to 4.8% a few months ago. The 100-basis-point change in mortgage rates generally means around a $300 lower payment on a typical mortgage. Homebuyers who were priced out a few months ago should re-check whether they can enter the homebuying market if they have secure jobs.
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