Mortgage rates ended last week at their lowest levels since May 14. Most of the recent decline occurred last Wednesday, but every day since then has added microscopic improvements. Today was no exception, with the 30-year fixed rate index falling just 0.01%, the smallest gain we measure.
The economic calendar was completely empty, and meaningful news headlines were equally scarce. Over the next three days, the situation will change on at least one front. Large-scale economic data comes out each of the next three mornings. Thursday’s jobs report typically represents the most important monthly data scheduled, but each day carries at least some volatility risk.
Why are there only 3 more days this week? Because Friday is closed for Independence Day celebrations. And when the bond market is closed, mortgage lenders aren’t creating new interest rates (and generally aren’t willing to accept new locks).