At this moment, it is getting a bit recurring to raise “the lowest rates in more than 3 years”– something that was officially the case twice this week. If we give rates credit for stably holding these long-lasting lows (and we should!), then every day this week has actually been the best in more than 3 years.
Here’s the specific record: at no other time in the history of our rate index have rates started a week at long-lasting lows and experienced so little volatility. There was a somewhat comparable stretch of 4 days in March 2019, but rates had just hit a 2 year low at the time.
On average, when rates strike the most affordable levels in more than a year, the next 4 business days see a range of 0.07-0.08%. That makes this week’s 0.01% range genuinely special.