Calmer Day so Far, But No Relief From Recent Rout

With mortgage rates right where they were 2 weeks ago, things could be worse. But after rising 20bps from last week’s lows, things could also certainly be better.  A vast majority of recent volatility was seen at the start of the holiday-shortened week yesterday with a move that left no doubt as to the range breakout in 10yr yields. Geopolitical issues were the key…