Drama and Excitement Remain on Vacation in The Mortgage Rate World
Rates are driven by bonds and mortgage rates are driven by mortgage-backed bonds. These bonds trade in the open market all day every day. Mortgage lenders set their rates based on the movement in those bonds.
Thanksgiving week tends to sap a significant amount of participation from the bond market. It's not that things aren't moving. They just aren't moving like normal. Price movements can be more random and there can be more misdirection plays where it looks like things are heading quickly in one direction only for things to reverse moments later (and then again moments after that, and so on...).
Lenders also know that an extended weekend lies ahead for the rate environment. Weekends always bring in some small amount of defensiveness (i.e. setting rates a bit higher than t
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