Mortgage rates bounced back today--that is, they bounced back DOWN after rising slightly yesterday. The improvement came courtesy of strength in European bond markets (stronger = more bond buying = higher bond prices = lower bond yields, aka "lower rates"). Weaker domestic equities markets also played a part. While the correlation isn't always well-behaved, it's not uncommon to see big stock losses translate to some excess demand for bonds (and again, more bond market demand/buying = lower rates). The size of the move left something to be desired , but it was better than nothing! Although the ... (read more)