Mortgage rates finally ended a 5-day losing streak, moving lower for the first time since May 28th. Today’s big order of business was the European Central Bank (ECB) Announcement. What does the ECB have to do with mortgage rates? Quite a lot actually. Expectations for rate cuts and other accommodation measures have been helping bond markets in the US move lower in rate for two months, and mortgage-backed-securities (MBS) are a key component of that market.