It's Late 2020, So Why Would Mortgage Rates Even Move?

It's old news that 2020 is unprecedented for a lot of bad reasons, but how about a few that aren't so bad?  As is often the case when anything causes massive global economic contraction, interest rates plummeted.  That's a good thing, in and of itself.

Even more interesting than the low rate levels themselves (because those were 100% to-be-expected) is how steady they've been.  It's interesting because the markets that normally cause rate movement are doing the things they normally do, but rates still aren't moving!  

This has everything to do with the fact that most lenders have rates set much higher than they otherwise would be because they've been much busier than they ever have been.  Rate levels are thus used to modulate the flow of new business.  Whether we're talking about a few more weeks or a few more months, this will not be the case for too terribly much longer unless the broader bond market happens to surge toward lower yields again.