Last week was an up-and-down week in the market. Sound familiar?
Rates took a beating Wednesday, rebounded a bit Thursday, and stayed fairly stable on Friday.
Overall, rates crept higher.
Unless this week brings a really weak jobs report that shocks markets, or the Strait of Hormuz is legitimately opened, it is unlikely we will see rates improve much from here.
We’ve had weeks of loose optimism that a deal with Iran would get done, opening the door for better rates.
However, markets seem to expect this conflict to drag on even longer, and rate sheets reflect that pessimism.
Improvement will likely return once we see a true resolution in the Middle East.