Today was the 5th day in a row where mortgage rates moved at least a little bit lower. While rate movement is often the product of obvious underlying motivations in the economy or news headlines, today's was small enough to obviate any intense investigation. It's just as well considering such an investigation would have a hard time establishing any compelling causality. Translation: it was a fairly boring day for the bond market and mortgage rates serendipitously inched slightly lower.
General Risk Aversion Trade Helping Bonds
General Risk Aversion Trade Helping Bonds
Bonds began the day in just barely stronger territory but continued to improve throughout. The first rally followed the 8:20am CME open–a common time of day to see a b…