Mortgage rates continued moving higher at a relatively brisk pace today. The historically normal sources of market guidance–like economic data and Fed policy–remain afterthoughts compared to the current flavor of the month (or “2 months” as the case may be).

The flavor? Potential rate cuts and easing measures from the European Central Bank (ECB). Back in the first week of April an German newspaper ran a story about the ECB modeling a €1 trillion program of asset purchases (like the Fed’s own “QE”). That news and the anticipation of the announcement have had positive effects on interest rates at home and abroad ever since–ultimately playing a big role in mortgage rates hitting their best levels in nearly a year.