Mortgage Rates Lowest Since May 1st

Best Closing Levels in More Than a Month Don't look now, but rates just inched their way down to the best levels since the first week of May.  It's probably NOT fair to credit geopolitical developments for the bond market improvement.  While those developments arguably had an impact at times during the day, they were also arguably a zero sum game by the end of the day (due to a rapid de-escalation of armed conflict).  What's left over is the improvement seen earlier in the day due to the shift in Fed Funds Rate expectations after comments from Bowman.  This no doubt increases the market's anticipation for Fed Chair Powell's congressio