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It’s time for Yahoo Finance’s market minute.
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US mortgage rates dropped slightly this week despite some volatility in the bond market. The average 30-year mortgage rate was 6.19%, while the average 15-year mortgage rate was just over 5 and a half percent.
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The Federal Reserve is widely expected to cut interest rates next week, a move that could help keep mortgage rates around year-to-date lows for longer.
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Meanwhile, Meta shares are rising today amid reports the company is planning cuts for resources for its metaverse division. According to Bloomberg, CEO Mark Zuckerberg is looking to reduce the budget for the unit by as much as 30%.
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Meanwhile, Amazon is reportedly considering an end to its long-standing contract with the United States Postal Service. If ended, the e-commerce giant would then build out its own competing nationwide delivery network, that’s according to the Washington Post.
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And that’s your Yahoo Finance Market minute. For more on what’s trending on Yahoo Finance, scan the QR code below to track the best and worst performing stocks of the trading session.