The past 24 hr have actually seen numerous news stories with apparently contradictory updates relating to the state of the Iran war. There’s a ceasefire. There’s no ceasefire. There’s settlement. There’s no negotiation, etc.
As far as the rate market is worried, the most crucial advancement has been the general look of a shift toward diplomacy and resolution on the U.S. side. This has been enough for oil costs to maintain a majority of the drop seen at the start of the week.
Bond yields (which associate with mortgage rates) have been doing even better than oil prices today. The net effect is the most affordable typical mortgage rates considering that last Thursday. Especially, these rates are still sharply higher than February’s and, apart from the previous couple of days, the highest because early September, 2025.