Mortgage rates declined this week, falling to their lowest level in two months. The retreat was aided by stock market volatility and declining optimism about the global trade outlook, particularly renewed doubts emerging about the U.S.-China trade relationship.

The declining sentiment coerced investors to rapidly seek safe haven assets, leading to a sharp decline in longer-term lending rates. The move is reminiscent of previous global scares occurring over the past few years that have repeatedly held down long-term rates even as shorter-term rates have risen.

These trends paused Wednesday as the federal government and financial markets were closed to honor the late President George H.W. Bush.

There are, however, several key economic data releases scheduled for the remainder of the week – including the all-important monthly jobs report – that could have an immediate impact on rates, depending on their strength. Strong job and wage growth data on Friday could easily erase the lower movement in rates seen over the past week.