A range trading theme has dominated the bond market since the most recent high yield on December 10th and the most recent low the following day. 100% of trading since then has fallen inside those boundaries (4.10-4.20% in terms of 10yr yields). Even though volume has made a resounding post-holiday return, there's little for market watchers to do until we see a breakout. Wednesday and Friday's econ data continue to be the best bets as far as catalysts go.
Mortgage Rates End Week Slightly Lower
It ended up being a decent round trip for rates this week. Monday kicked things off with a jump to the highest level in more than a month, and the third highest since August 2025. But that ended up being the only day where rates went higher. Wed…