Yields barely flinched on Tuesday with no new numbers to chew on. The market essentially got another day to sit and ponder what Kevin Warsh might do once he’s handed keys to the Fed.

Monday saw a monster U.S. manufacturing report that basically told the recession doomsayers to take a seat and gave the rate-hike crowd hope. Meanwhile, Canada, not to be left out, staged its own little (and we do mean little) industrial comeback. Overall, the stronger North American outlook reduced expectations

With oil prices near 4+ year lows, many rate-watchers are pondering what that means for mortgage rates. The reality is it's a complex relationship. Oil price moves aren't “good” or “bad” in a consistent way. Whether oil causes monthly payments to shrink or swell boils down