Mortgage Rates Back Down to Lowest Levels in 2 Weeks

2 Straight Days of Gains?! Not only have bonds managed to pull off a feat rarely seen in recent memory (back to back days of solid gains), but the total drop in yields is the biggest since August 2024.  Today's improvement wasn't nearly as big as yesterday's CPI-driven rally, but it would have been very strange if it had been.  The data and events on tap didn't have the street cred to drive such craziness.  Modestly weaker retail sales helped yields level off after overnight weakness, but comments from Fed's Waller and Treasury Secretary nominee Bessent accounted for most of the day's downward movement in yields.