Jobs report puts mortgage rates in free-fall

Commentary: Fed rate cut now more likely

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Rates are in free-fall on news of an outright decline in August payrolls, and big downward revisions of the June and July reports.

Agency conforming mortgages are down to 6.25 percent, jumbos still sticky near 7 percent, and no change in availability: high-quality Alt-A still very pricey, as is any high-LTV lending.

I think the economic pattern is clear.