Early in the trading session, the bond market began improving in response to more updates on a potential Iran peace deal. When bonds improve, rates fall, but the initial reaction proved short-lived. Thankfully, the reversal didn't do any new damage. This allowed the average lender to keep rates right in line with yesterday's 6.61% for a top-tier 30 year fixed. You'd have to go back to May 14th to see anything lower.
Why Were 10yr Yields Only a Few bps Lower Today?
Why Were 10yr Yields Only a Few bps Lower Today?
If you missed this morning’s commentary, the gist is that inflation for June (via the CPI report) came in much lower than forecast (biggest “miss” in over a year…