Mortgage Interest Rates follow the bond market. Bonds are typically invested in more heavily during times of geopolitical distress. The situation in Ukraine certainly qualifies and the bond market has been improving ever since.
For mortgage rates it is not that simple. Often mortgage backed securities don’t tend to benefit as much from safe haven demand as something like US Treasuries. Additionally, the gains in bonds that the investors realize are not always passed on to the bond buyers.
All that said, we have seen mortgage rates drop from Friday to today. Will it hold? Time will tell.
But certainly the average 30 year conventional interest rate is still much higher than it was 3 weeks ago.