Best 2 Weeks For Rates in Nearly a Year

The bond market has been pointing toward higher rates since last August.  Mortgage rates were able to defy that trend at first, but finally began spiking in the new year.  February and March were two of the worst back-to-back months in years.
The higher rates went, the more likely it became that we’d see at least some sort of push back in the other direction.  Anticipation and anxiety were running high as rates hit long term peaks at the end of March.  Now 2 weeks in, April is clearly the month we were hoping it would be.  Rates haven’t dropped this quickly since the pandemic began
What’s with the change of heart? 
The bond market (which dictates rates) has a few quintessential sources of motivation.  “The economy” is at the top of that list.  Indeed, a brighter economic outlook (due to vaccines, falling case counts, stimulus, etc.) was a key ingredient in the recent rate spike.  Ironically, strong economic data appeared to have the opposite effect on rates this week.
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Source: mortgagenewsdaily.comNew feed