Home mortgage rates are dictated by bonds and bonds had a volatile day. Throughout overnight trading hours, bonds recommended we should brace for the impact of even higher rates. Things altered simply after 7am ET following headlines that recommended progress on the Iran war.
Although volatility continued in the occurring hours, bonds ultimately settled in stronger territory (which benefits rates).
After ending recently above 6.5% for the very first time given that early September, the average top-tier 30yr fixed rate fell back to 6.49% today. While it’s a step in the best instructions, it would take a much bigger enhancement sustained throughout several days (or perhaps weeks) to mark a bigger image turning point.