The bond market and mortgage rates have been on the move lower recently after hitting longer term highs at the end of July. Today offered a break from the recent movement with bonds and rates holding perfectly flat day-over-day. The upside is that this means it's yet another day spent at the lowest levels in more than 2 weeks. The average top-tier 30yr fixed rate remained at 6.75%. Flat oil prices helped facilitate the flat bond market performance. Risks and opportunities remain in the coming days. If a Hormuz transit agreement is confirmed, rates could certainly fall. If fighting breaks out again, rates could move higher. Friday's jobs report represents similar "either/or" risks depending on the outcome of the data.
Incidental Weakness. Bigger Considerations on The Horizon
Incidental Weakness. Bigger Considerations on The Horizon
Without any data or compelling market movers, bonds came into the day light on inspiration. Low volume/liquidity left the door open for any determined t…