Mortgage rates were moderately higher today versus yesterday.  This was a logical outcome based on steady weakness in the bond market yesterday followed by additional weakness today.  While the moves aren't extreme in the bigger picture, they do push the average lender back into the territory seen at the beginning of the week.  In the more extreme cases, this could amount to a difference in conventional 30yr fixed rates of 0.125%, but most borrowers will see the changes in the form of "upfront costs" (aka "points"). 

There weren't any compelling economic reports to justify today's bond market volatility.  In terms of headline news, a case could be made that Biden's $6 trillion budget spooked bonds a bit.  Why would that be the case?  Simply put, money spent by the government must come from revenues or Treasury issuance.  The latter increases the "supply" side of the equation in the bond market. 

As always, higher supply begets lower prices and when bond prices fall, yields (aka "rates") rise.  Although this scenario refers to US Treasuries and not the mortgage-backed bonds that most directly affect mortgage rates, Treasuries are nonetheless a benchmark for the rest of the bond market.  Major movement in Treasuries almost always translates to similar movement in mortgages.