May continues to be a more volatile month than the bulk of April when it pertains to day over day home loan rate movement. While the typical day has actually seen that volatility play out in favor of greater rates, today was luckily the opposite.
The other day’s newest levels left the average lender at 6 week highs with a top tier 30yr set rate of 6.57. The underlying bond market was currently starting to recover yesterday afternoon. Integrated with additional, modest bond market enhancement overnight, today’s 30yr fixed rate fell to 6.52% usually.
The Iran war remains the primary source of volatility for markets. Some analysts expect more traction on a peace offer to come out of Trump’s meeting with Xi (which will continue into tomorrow). This is far from a given, however if it happens, it would likely put extra down pressure on rates.