As the week drew to a close, the bond market had its quietest day on Friday, resulting in minimal activity in mortgage rates. The lack of major economic reports meant that rates remained relatively steady, with most lenders refraining from making any adjustments throughout the day.
This period of stability was a welcome change after the significant fluctuations seen in the previous two days, which marked the most substantial improvement in mortgage rates since November. However, it’s essential to note that rates had started the week at their highest levels since May 2024, dampening the celebratory mood somewhat. Typically, larger gains are expected when rates are rebounding from long-term highs, which somewhat overshadowed the recent positive momentum.
Looking ahead, with the bond market closed on Monday for the holiday, Tuesday is poised to bring a whirlwind of market activity in response to political developments. Whether this activity will be favorable or detrimental to rates remains uncertain, making it challenging to predict the outcome in advance.
In summary, while Friday’s stability offered a brief respite, the future remains uncertain as market dynamics continue to evolve. As borrowers and investors navigate these uncertain waters, staying informed and proactive is key to making sound financial decisions in the current economic landscape.
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