Everything’s Relative, And Rates Had a Relatively Good Week

Everything’s Relative, And Rates Had a Relatively Good Week

While it's possible to accuse mortgage rates of experiencing volatility over the past few days, this week was exceptionally calm compared to last week.  So "everything's relative," and relatively speaking, that's a win. Here's a snapshot of the action as told by 10yr Treasury yields, which tend to be moving in the same direction as mortgage rates: As the chart points out, Thursday's 30yr bond auction brought this week's only instance of excess volatility.  This refers to The Treasury Department's regularly scheduled auctions of US debt--some of the only interesting items on this week's event calendar as far as rates were concerned. In general, Treasuries are the tour guides for the bonds that drive mortgage rates (MBS or mortgage-backed securities).  They tend to hang out