Rates went down after the Fed Taper?

To the surprise of many mortgage rates are lower now then when the Fed started tapering……but how can that be?  Well it’s a difficult question at best and there is no simple answer as to why.  Some believe this recent move down is just a pause, has nothing to do with the taper and rates over the next few months will move much higher.  Others believe that as the Fed exits the bond market we are seeing a more “normal” market and that could be a continuation of these low rates.  Also an important factor in the recent drop in bond yield is due to the problems in several “Emerging Markets” and some not so good data on the domestic front.  So the move down is not all Taper related.