Financial markets were already dealing with rapidly evolving Fed policy shifts, a big jump in
rates, and a big drop in stocks. But after Russia invaded Ukraine, volatility has been on
another level.

As far as the mortgage market is concerned, the average 30yr fixed rate experienced some
of its biggest 2-way swings in more than a decade. The following chart shows the change in
rates every 48 hours. This makes things more interesting because big moves in rates often
take more than a day to play out.

Continue this read in the above PDF.