*US bond markets are closed today for Memorial Day. No new rate data.*

Rates carry into the holiday weekend at 6.65% on the 30-year conventional — exactly where they ended Friday. UMBS 5.0 closed Friday at 97.59, and the 10-year Treasury settled at 4.559%. There's nothing to trade today, and no new lender pricing until Tuesday morning.

The last session — Friday, May 22 — capped a week of sharp headline-driven swings. Iran ceasefire negotiations pushed bonds to their best levels of the week Thursday, only for Friday's session to give back most of those gains by midday as skepticism about the talks crept back in. The net result: a week that started at roughly 6.65% ended at 6.65%, with a lot of noise in between. That's not stability — it's a market with clear underlying pressures (CPI still running at 3.8%, consumer sentiment hitting fresh lows at 44.8) that just ran out of fresh news before the three-day weekend.

Tuesday is the first real read after whatever happens over the weekend. Iran headlines remain the primary short-term lever — any meaningful ceasefire development could push bonds sharply in either direction. Beyond that, the week ahead brings several bond auctions and the next round of housing and consumer data. The 10-year is sitting at 4.56%, near the middle of its recent range. A clean open Tuesday would be bullish; any geopolitical escalation or a hot data print would move it fast.

For borrowers with pending decisions: the 6.65% environment isn't new, and the math hasn't changed. If a deal closes at today's pricing, waiting three more days for a better number that isn't guaranteed is a position, not a strategy.

Markets reopen Tuesday.

— David Burson, NetRate Mortgage