Continued jobless claims dropped to the lowest level since October 2024 and bonds are selling off a bit. Those two things may seem like they're clearly connected, but the selling didn't start for another 15 minutes after the data and the most noticeable selling has taken place in the past 15 minutes (almost a full hour after the data). As for a scapegoat for that selling, there's only conjecture. We can see surging commodities prices coinciding with Treasury sales, but we wouldn't leap to the assumption that traders are selling bonds to buy commodities. In any event, the damage is fairly limited in the big picture. One could simply say this is an ongoing rejection of 10yr yields re-entering the previous trading range.
Mortgage Rates Dip Back Into The 5’s
This coverage is coming out earlier than normal due to a more interesting headline than normal. The average top-tier 30yr fixed rate fell back to 5.99% today, matching the levels seen only briefly back on January 9th, 2026 when the Fannie/Freddie bond …