Home loan providers depend on the bond market to create mortgage rates. In addition to being totally closed on Monday for Memorial Day, bonds likewise close 3 hours earlier than typical on the preceding Friday (i.e. today).
The shortened trading session was fairly uneventful for rates in spite of some back-and-forth volatility in reaction to diplomacy headlines surrounding Iran/US peace settlements. The circulation of news led to better bond market levels early in the day and a pull-back in the late AM hours.
After representing some lenders’ mid-day rate changes, the average lender ended the day right in line with the other day’s levels which were also incidentally ideal in line with last Friday’s levels.