Mortgage rates finally fell today--something that's proven elusive since roughly June 15th.  Incidentally, that's when financial markets began bracing for the impact of the tariffs that were made official today.  In this case, "bracing for impact" meant that stocks and bonds both moved sideways to slightly weaker. 

Theoretically, there was concern among investors about how today might go in the wake of the U.S. and China each officially imposing billions of dollars of tariffs.  In practice, markets weren't too troubled.  The absence of drama fueled an impressive stock rally and a modest improvement in bonds.  The mixed jobs report also helped interest rates moved slightly lower this morning.