While there was certainly plenty of volatility elsewhere in the financial market this week, there was almost none to be found in mortgage rates. Wed, Thu, and Fri all recorded the exact same level in MND's 30yr fixed rate index--something that only happens a few times every year.

Rates are based on bonds and bonds are waiting for more serious inspiration after undergoing a bit of elevated volatility at the beginning of last week. The present week has been all about consolidating and settling into a narrower range as we wait for the more important economic data on deck next week.