Mortgage rates are based upon motion in the bond market and although bonds experienced some volatility in response to Iran war news over the weekend, they ended up in similar territory to Friday morning. As such, it’s no surprise to see mortgage rates in similar area as well.
The average lending institution began the day 0.02% greater than Friday, but bonds improved during the day and some home loan lenders had the ability to make little down changes mid-day. This keep the typical top-tier 30yr set rate just below 6.40% for the 3rd straight day.
From 5.99% in late February, rates increased as high as 6.64% on March 27th. They have actually fallen significantly however reasonably since then, but the current trajectory has been flattening out as the marketplace waits to see how de-escalation might play out.