There have been more than a few days in the recent past with absolutely massive day-over-day swings in mortgage rates. In fact, on each of the first 4 days of the month, mortgage rates changed by more than 0.10%--which is a relatively large move even when it shows up all on its own.
But the volatility is dying down quickly in the current week--not in a bad way, either. Putting Monday's corrective spike aside, the past two days have seen the average 30yr fixed rate fall by a total of less than 0.10%.
Perhaps it is even more notable that the bond markets that underlie rate movement managed to have a calm and orderly reaction to the week's most anticipated scheduled event: today's 10yr Treasury auction.
Treasuries are often said to be the benchmark or basis for 30yr fixed mortgage rates. While that's not perfectly true, it is true that mortgage rates often move in the same direction as the 10yr Treasury yield and in relative proportion.
The implication is that any big news for 10yr Treasury yields could have also been big news for mortgage rates. Auction results CAN be big news, but today's was just "pretty good" news. It allowed 10yr yields and mortgage rates to hold on to the moderate gains that were already intact.