Average top-tier 30-year fixed mortgage rates fell to 6.52% on Thursday, down from 6.57% a day earlier after lenders hit a six-week high.
Modest overnight gains in the bond market extended a recovery that had already started Wednesday afternoon, pulling mortgage pricing lower.
May has been more volatile than most of April, with day-to-day mortgage moves generally skewing higher even as this session reversed that pattern.
The Iran war remains the main driver of market swings, while analysts say any progress from Trump's meeting with Xi could add further downward pressure on rates.
With Mideast tensions dictating mortgage rates, how resilient is the U.S. economy to prolonged global instability?
How is the ongoing Iran conflict reshaping the American dream of homeownership for the average family?
As the Strait of Hormuz remains a flashpoint, what is the next global supply chain crisis American consumers should prepare for?