The past 24 hours have seen multiple news stories with seemingly contradictory updates regarding the state of the Iran war. There’s a ceasefire. There’s no ceasefire. There’s negotiation. There’s no negotiation, etc. As far as the rate market is concerned, the most important development has been the general appearance of a shift toward diplomacy and resolution on the U.S. side. This has been enough for oil prices to preserve a majority of the drop seen at the start of the week. Bond yields (which correlate with mortgage rates) have been doing even better than oil prices today. The net effect is the lowest average mortgage rates since last Thursday. Notably, these rates are still sharply higher than February’s and, apart from the past few days, the highest since early September, 2025. [thirtyyearmortgagerates]
Sunday Summary: Just in the Knicks of Time
On Wednesday night the entire city of New York lost its collective mind at roughly the same moment. Down 29 points against the San Antonio Spurs, a New York Knicks victory looked so improbable that Larry David, seated in celebrity row, growled to John McEnroe: “Let’s get out of here — I can’t handle this…
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