Another Big Improvement to Another 3 Week Low

Mortgage rates dropped again today, and at a much faster pace than yesterday's decline. Top tier 30yr fixed rates are now down to 7.33% for the average lender, a drop of more than 0.25% from the long-term highs seen just last week. There are a lot of moving parts behind the scenes so let's focus on what we can know or at least reasonably conclude. [thirtyyearmortgagerates] Is this the big shift in rates we've been waiting for?  The kind that sometimes follows sustained spikes to long-term highs? While there's a chance the past 5 days COULD serve as the early indication of a broader rate recovery, it's far too soon to bank on it. The key reason is that much of the paradoxical strength of the past 2 days has been fueled by contagion concerns in the tech space. What does the