Mortgage rates were quickly approaching 10-month highs since yesterday afternoon. They managed a friendly bounce today, but it was fairly small with the typical loan provider dropping 0.03% to 6.5% for a top-tier 30yr fixed scenario.
One factor for care is that the rate enhancement looks to be dependent on oil cost volatility after this week’s renewal in U.S./ Iran tensions. Oil finally moved lower today. In basic, lower oil rates indicate lower inflation pressure, and lower rates. This isn’t constantly the case, but there are times (like this week and much of the weeks considering that the start of the Iran war) where oil costs and rates are plainly correlated.
In the larger photo, rates are drifting sideways in a narrow range near 10-month highs as they await more concrete inspiration.