In plain contrast to the whole month of March, April’s mortgage rate volatility has been downright uninteresting. To put this in context, the average top tier 30yr fixed rate increased a considerable 0.65% by March 27th. In the first 5 business days of April, they have actually held inside a series of just 0.04%.
Today did nothing to broaden that range although it did leave rates microscopically higher versus yesterday.
The Iran war continues to be the dominant source of motivation for the financial markets, consisting of the bond market that underlies rate of interest. Given that tonight brings a deadline for a potentially major escalation in the war, there’s a threat of volatility heading into tomorrow.