While the average 30yr fixed mortgage rate is still more than 1% below the long-term highs seen in October, it has been rising slowly and steadily in the new year. Today's average rate is now as high as it has been in 4 weeks.
That's the dramatic way to say it, but things aren't as scary when we consider rates are only about 0.2% off the December lows and that the entire drop was more than 1.4% from the October highs.
Today's bond market movement was sideways. The change in mortgage rates occurred due to timing of market movements yesterday and today as well as the monthly settlement process for the mortgage backed securities (MBS) that underlie day to day mortgage rate changes.
Bond traders remain focused on Thursday morning's inflation data via the consumer price index (CPI) as the next big potential flashpoint for rate volatility.