On Tuesday, the typical top-tier 30yr fixed home mortgage rate struck the most affordable level in precisely 4 weeks. If you’re not interested in splitting hairs, today’s rates are essentially the exact same. Although our official average is 0.01% greater, that’s such a small change that a number of today’s rate quotes will look the same as the other day’s.
In the bigger picture, these rates have to do with halfway in between the highs seen in late March and the lowest rates in more than 3 years seen at the end of February.
The bond market (which determines rates) stays focused on advancements in the Iran war, but there’s an ever-higher bar for pertinent news. At this point the typical war update is not having a noticeable impact. It will take a product change in the status of the war and a clear response in energy costs to capture the bond market’s attention.