Home mortgage rates ended recently at the most affordable level because May 14th. Most of the current drop took place last Wednesday, but every day since then has actually included a tiny improvement. Today was no exception with the 30yr fixed rate index falling a mere 0.01%– the lowest increment we measure.
The calendar of economic events was completely empty and substantial news headlines were just as scarce. This will change over the next 3 days on a minimum of one front. Big-ticket econ information comes out on each of the next 3 mornings. Thursday’s jobs report is typically the most crucial scheduled monthly data, but each day carries a minimum of some risk for volatility.
Why just 3 more days this week? Because Friday is closed for the Independence Day observance. And when the bond market is closed, home loan providers don’t generate brand-new rate sheets (and usually aren’t open to accept brand-new locks).