Rate momentum shifted visibly on Wednesday. The underlying bond market saw heavy purchasing in pre-market trading– most likely an outcome of massive quarter-end rebalancing amongst the largest cash supervisors (i.e. changing balance of stocks vs bonds in investment portfolios). Excess need for bonds = lower rates, all else equal.
It likewise hasn’t harm that oil rates continue decreasing as bond need has actually regularly benefited from the lower indicated inflation.
The average top-tier 30yr set rate fell 0.10% to 6.55– simply a hair above June 16th levels of 6.54%. Before that, you ‘d need to go back to May 14th to see anything lower.