Weekly Newsletter

While the milestones may be significant, the underlying reasons for them remain simple. Oil is pushing rates higher.

It was an eventful week for mortgage rates and the bond market, but ultimately a decent one. Monday's rates matched the highest levels in nearly a year, but by Friday, we were actually just a hair lower versus last Friday. Here's how we got there.

For 3 months, they were almost inseparable. Then in June, they went their separate ways. Now oil and rates are back together following the end of the U.S./Iran ceasefire.

Last week's newsletter flagged an uncommonly high level of quarter-end trading volatility as a key contributor to a surprise mid-week rate spike. We got another dose of that drama this week, but things calmed down by the end.

This week offered a welcome reminder that not every improvement in mortgage rates requires a dramatic headline.