Average mortgage rates started the week little changed from Friday morning levels, even after bond yields fell with oil prices as tensions in the Iran war eased.
Friday’s volatility had already scrambled lender pricing: some lenders raised rates midday amid heavy forex trading tied to U.S.-Japan efforts to support the yen, while others did not.
That left Monday’s rate sheets uneven—lenders that hiked rates Friday afternoon were generally a bit lower, but the broader market stayed close to pre-spike levels.
The move underscored a temporary break in the usual pattern where lower bond yields quickly translate into lower mortgage rates.