The dynamic we've seen most of this week of investors losing confidence in big tech and turning to bonds is in full effect this morning. A pretty significant slump for the tech sector yesterday is showing up as a sizable drop in mortgage rates today. We're still above 7%, but this is the lowest our daily average has been in a solid month.

The average interest rate on a 30-year, fixed-rate mortgage dropped to 7.08% APR, according to rates provided to NerdWallet by Zillow. This is 20 basis points lower than yesterday and 12 basis points lower than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

It's impressive for sure, but we can't be certain rates will keep going down. Markets are erratic, and tech isn't all investors are paying attention to. (Need an example?…