It was an uneventful day for the bond market and, thus, mortgage rates. Unlike the typical trading day of late, there were no conspicuous war-related headlines producing shocks to oil prices.
Considering that the start of the war, rates of interest have had a strong connection with oil costs due to inflation ramifications. That connection was present today, but oil moved lower and greater well inside yesterday’s range.
Leading tier 30yr fixed rates fell from 6.60 to 6.57% for the average lending institution. This is really near to the lowest level in more than 2 weeks (6.56% seen last Friday).