Solid Mid-Day Recovery For Rates

It's a rarity these days, but mortgage rates actually moved lower today by more than a token amount. The average top-tier 30yr fixed rate fell to 7.54% from 7.60% yesterday. There are multiple potential factors in play when it comes to explaining the underlying bond market rally, but none of them stand out as an obvious singular motivation. For those curious, the list (which has several esoteric factors that we won't be fully explaining here) includes, but is not limited to: traders covering bets on higher rates ahead of tomorrow's jobs report concerns over European bond market contagion focused on France and Italy  reassuring comments from Fed speakers helping Fed rate expectations move lower technical buying opportunity when Treasury yields hit 5.34% (10yr) A d