“Rates typically move higher if job openings are higher than expected, all else equal,” wrote Matthew Graham, chief operating officer at Mortgage News Daily, adding that this data-driven volatility is nothing compared with what could be seen on Thursday following the government’s release of the monthly employment report.

Mortgage rates have dropped sharply since spiking in May on Trump tax bill news. We break down the decline—and what it means for today’s homebuyers and their budgets.