Mortgage rates began the week much lower and slowly gave up ground from there. That definitely didn’t happen in a linear way, however.
There were several significant economic reports that caused intraday volatility for financial markets, as well as the much-anticipated Minutes from the most recent Fed meeting on Wednesday afternoon.
The biggest news of the week hit on Thursday night when we learned about US air strikes in Syria. Armed conflict involving the US tends to push rates lower at first, and then rates tend to bounce back as more information comes to light. That was the case on Friday morning, also an exceptionally weak jobs report temporarily pushed rates lower again in the morning.
By the end of the day/week, rates were heading back in line with last week’s latest levels, but technically ended just slightly lower than last Friday. In general, we’re still waiting to depart from a narrow, sideways trend marked by 30yr fixed rates of 4.125 – 4.25%