While mortgage rates didn’t enjoy as strong of a move lower as US Treasuries last week, they were nonetheless right in line with their best levels since late June. Any time bond markets make an abrupt move to highs or lows, there’s a risk that the subsequent move will be a correction back in the other direction. This is the case even if the longer term trends remain unchanged. It’s also especially true in cases where the market movement is fueled by unscheduled headlines, such as those surrounding the various geopolitical conflicts around the world last week.