Rates remain concentrated on oil prices and war-related developments. With the other day’s ceasefire extension and today’s uncertainty over the time frame of that extension, rates are in a distinct holding pattern until the next stage of escalation/de-escalation enters into better focus.
For now, the marketplace is generally betting on de-escalation as seen in stocks being near all-time highs and bond yields (aka “rates”) being well off the highs seen in late March.
In this environment, everyday rate motion is relatively incidental. Today’s installation brought modest improvement versus yesterday’s newest levels, but the typical lender remains in the same tight variety (6.29-6.33 for a best-case situation 30yr fixed) that’s been undamaged for over a week now.