It was an uneventful day for the bond market and, thus, mortgage rates. Unlike the average trading day of late, there were no conspicuous war-related headlines making for shocks to oil prices. Since the start of the war, interest rates have had a strong correlation with oil prices due to inflation implications. That correlation was present today, but oil moved lower and higher well inside yesterday’s range. Top tier 30yr fixed rates fell from 6.60 to 6.57% for the average lender. This is very close to the lowest level in more than 2 weeks (6.56% seen last Friday).
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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