Mortgage rates held mostly steady in the leadup to the long Thanksgiving weekend.
Rates have spent the better part of November retreating from October's increases. While they remain above September's 2019 lows, rates have not returned to the 4% range last seen in the spring, which appeared likely just a few weeks ago. Doubts surrounding the U.S.-China trade talks are keeping rates in check for now, despite both sides expressing some optimism in recent days.
Still, plenty of uncertainty remains in the market as rates appear just as likely to resume their ascension to higher levels as they are to retreat back towards 2019's lows. Rate movements are generally volatile and difficult to predict in the days surrounding holiday long weekends, and with a bevy of blockbuster data releases – Q3 revised GDP, consumer spending and ISM manufacturing – due in the coming week, it's likely that this week's steady pace of mortgage rate movements may soon be a thing of the past.