One business day later, and lenders are closer to territory from the first 3 days of last week.  This is roughly an eighth of a percentage point lower than Friday’s rates for most lenders (ie. 5.375% instead of 5.5%).  As always, these rates may not apply to every scenario and the best way to use this data is for the purpose of tracking day-over-day changes.

But why are we seeing improvements in the first place?  First off, volatility is elevated, and it has been for quite some time.  Every time the rate market hits a new long term high, odds increase that we’ll see some attempt at a counterattack in subsequent days.  So far, those corrections haven’t materialized into broader stability, but they’ve nonetheless helped break up what would otherwise be a steady stream of bad news.