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Whether it’s today vs yesterday, or today vs the end of last week, the average top tier 30yr fixed mortgage rate is just a hair lower. Today’s improvement was arguably a byproduct of trade related headlines this morning. Specifically, some comments suggested this weekend’s negotiations between the US and China in Switzerland would merely be a starting point. As has been the case for most any other recent trading day, there were plenty of other headlines that may have had an impact, but the overall movement is so small that nothing really stands out. Looking ahead, the bond market (and thus, rates) will likely be tuning into next Tuesday’s inflation data along with any substantive developments from the weekend’s trade negotiations (which would be a tall order since they don’t involve a meeting between Xi and Trump).
