by Calculated Risk on 11/08/2021 09:01:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Slightly Lower Despite Bond Market Weakness

Mortgage rates are directly based on trading levels in the bond market, so it's almost a given that rates will move in the same direction as bond yields on any given day. But for a variety of reasons, it doesn't happen like that every day. Today was just such a day.
...
Keep in mind that we're talking about extremely small movement. Between Friday and today, you'd likely see the exact same "note rate" for any given conventional 30yr fixed scenario. The improvements would only be detectable in the form of upfront costs. [30 year fixed 3.07%]
emphasis added

Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for October.

• At 8:30 AM, The Producer Price Index for October from the BLS. The consensus is for a 0.6% increase in PPI, and a 0.5% increase in core PPI.

• At 11:00 AM, NY Fed: Q3 Quarterly Report on Household Debt and Credit