Mortgage Rates Slightly Lower to Start Holiday-Shortened Week

Thanksgiving weeks can be weird for mortgage rates. This has to do with the fact that rates are dictated by the bond market and the bond market depends on real live people who can actually be out of the office on holiday weeks. The lighter levels of participation can increase volatility and cause random movement for no apparent reason. We'll cross that bridge if we come to it. As far as Monday is concerned, there's no drama or weirdness to report. Bonds improved modestly throughout the day, thus allowing mortgage rates to move modestly lower.  Because rates were closer to the higher end of their recent range at the end of last week, the small drop means we're still very much inside the prevailing range. The next two days bring some backlogged economic data. Combined with the typical holiday-week caveats, volatility risk will thus be higher through Wednesday.