Rates Drop Sharply to One Week Lows
Mortgage News Daily • • business
Key Points:
- Mortgage rates started the day steady, matching yesterday's levels, but higher inflation data and negative war-related news initially pushed bond yields and rates upward.
- At 1:30 pm, news broke that Trump canceled planned air strikes and announced a permanent ceasefire agreement, prompting markets to rally, oil prices to fall, and mortgage rates to drop.
- Due to the significant market movement, most mortgage lenders adjusted their rates mid-day, resulting in the average lender offering the lowest rates seen since last Thursday.
- The ceasefire news had an immediate positive impact on financial markets, reflecting investor optimism and reduced geopolitical risk.