Mortgage Rates Holding at 10 Month Lows
Yesterday saw the average 30yr fixed rate fall back in line with levels from early October, 2024. This happened for two reasons. The broader, underlying reason is that rates have been in a fairly narrow, stable range and that range was already relatively closer to 10 month lows than 10 month highs.
The more specific reason is quite clearly the market's reaction to last week's jobs report. In other words, the prevailing range was the fuel and the jobs report was the match.
Little has changed so far in the present week as far as the underlying bond market is concerned. Mortgage rates happened to fall yesterday mostly because they weren't able to fully adjust to bond market developments on Friday. To a lesser degree, modest, additional improvement in the bond market left no doubt
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