Mortgage rates officially hit their lowest level in more than a month yesterday with MND's 30yr fixed index falling to 6.53% from 6.55% on Wednesday. Today was completely unchanged at 6.53%, thus maintaining the lowest level since May 14th, 2026. 

There weren't any dramatic developments behind the scenes in term of economic data or news headlines (not that we'd expect them when rates hold perfectly flat). This week's broader improvement can be attributed to buying demand in the bond market owing to large investors rebalancing their stock/bond portfolios before the end of the quarter.

As the quarter officially ends early next week, new volatility could emerge. It could be further compounded by the more active slate of economic data culminating in Thursday's big jobs report--the biggest economic report on any given month. NOTE: the jobs report would normally be out on a Friday, but next Friday is the holiday observance for the 4th of July.