Another Small Victory For Mortgage Rates

It has turned out to be a surprisingly calm week for mortgage rates and, as of today, largely a victorious one, even if the victories have been modest.  Today’s installment involves a 0.02% drop in the average top tier 30yr fixed rate. This brings the index to the lowest level of the week and a fairly decent 0.12% below last Friday’s levels.

Most of this week’s movement took place on Tuesday morning after markets returned from the holiday weekend. Movement has been minimal since then. 

While economic data is a perennial source of inspiration for rates, none of this week’s data had a major impact.  In today’s case, the PCE inflation data was in line with expectations, so it wouldn’t have made a case for a rate reaction under normal circumstances, let alone the…