Mortgage rates fell further this week, reaching their lowest level in six months as investors reevaluate their outlook for long-term economic growth.

For months, the market impact of pandemic-related factors has far outweighed the influence of traditional economic reports, and developments in recent weeks have reinforced that trend. The sharp uptick in the number of Delta variant cases has introduce a fresh dose of uncertainty among investors and has called into question how soon economic activity – and life – can return to pre-pandemic levels of normalcy. To be sure, economic data are still playing a role in dictating rate movements, as mortgage rates ticked up slightly on Wednesday following a strong read on the service market from ISM, and more movements could be on the way Friday should the July jobs data surprise to the upside.

But recent market movements reinforce the months’ long notion that pandemic-related factors will continue to dictate the path forward for the market, and a sharp upward move in mortgage rates appears unlikely until we get a better handle on COVID.