Mortgage Rates at 4 Month Highs. More Volatility Ahead

Mortgage rates rates moved moderately higher today, and while that leaves the average 30yr fixed rate only slightly higher than it was on Tuesday morning (7.09 vs 7.08), it's also the highest rate in almost exactly 4 months. In a break from recent norms, the bond market didn't take cues from data or election positioning.  Instead, it was a massive move in European bond markets (UK specifically) that spilled over to the U.S. in the morning hours.  Once European markets were closed for the day, US bond markets improved and many mortgage lenders were able to offer token improvements in mortgage rates. Bonds, which dictate mortgage rates, were ultimately able to log a fairly flat performance versus yesterday.  That's the second time this week they've been able to show some signs of re