It’s been a strange season for the housing market, caught somewhere between post-pandemic exhaustion and pre-election caution. And yet, in the quiet shuffles of financial markets and whispered policy pivots in Washington, signs are emerging that something may be stirring beneath the surface.

Just last week, mortgage rates unexpectedly improved by as much as 0.25%, fueled by the weakest private-sector jobs report in over a year. According to ADP, only 37,000 new jobs were added in May, barely a third of what economists had forecast.

Bond traders didn’t take long to respond. Treasuries rallied. Yields dipped. And mortgage-backed securities details ⇒

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