tl;dr Bond prices and rates have an inverse relationship. When bond prices go up, their yield goes down. Mortgage rates are roughly based on bond yield—specifically the 10 year Treasury.
A primer on “the economy”
It’s Not You, It’s Me
“While no further rate cuts are needed in our view (on a nominal basis the U.S. economy has grown at a 5% annualized rate over the past eight quarters), and we don’t think either of this year’s rate cuts were justified.”
- Brian S. Wesbury, First Trust Chief Economist
Robert Stein, First Trust Dep. Chief Economist