From 🐝 to 🍯

The entire month of March pushed mortgage rates higher. It felt like week after week of steady pressure with very little relief.

But so far… April has been a different story.

Things have calmed down.

Right now, the biggest driver in the market continues to be global tension—specifically the situation involving Iran.

That’s impacting mortgage rates in two key ways:

So when news broke on Tuesday about a potential ceasefire, markets reacted immediately—and positively. Mortgage rates improved.

But as the week went on and that ceasefire started to get tested, some of that improvement faded.

After all of that movement, we ended up in a pretty simple place:

Rates are calmer.

And technically, they even finished the week slightly better than where they started.

After the volatility of March, that’s a win.

If this trend of stability continues, this is actually one of the better windows we’ve had in the past few years.

Not because rates are crashing lower…

…but because they’re finally behaving.

And in this market, stability can be just as valuable as improvement.

(Featuring a bee suit, a very patient horse, and a strong preference for honey over getting stung)