Top-tier 30-year fixed mortgage rates reached 7.17% on Monday, the highest level since January 2025, though some lenders later revised pricing closer to Friday's levels.
9:30-10:30 a.m. ET bond weakness initially pushed rates higher because lenders typically set morning mortgage quotes during that window.
Oil prices then fell back to the day's lows after fresh headlines, helping bonds recover enough for a solid handful of lenders to issue afternoon improvements.
That late rebound suggests other lenders could post slightly lower rates Tuesday if bond gains hold overnight, though the report stressed there is no reliable way to predict that move.