Mortgage rates rose moderately today, as bond markets generally bounced back from the best levels in 8 months yesterday.  Despite the bounce, rates are still in line with their best levels of the year.  Only a handful of days have been any better and most of them have been in the past 2 weeks.  

We expected to see more volatility this week, for better or worse, and so far we've seen both.  But while day-to-day movement has been bigger, it hasn't been quite big enough for many lenders to change actual "note rate" quotes--just the upfront costs associated with any given rate.  In other words, many borrowers are only seeing changes in the form of slightly higher closing costs (which raised the "effective rate") as opposed to the official interest rate tied to the mortgage note.  

More risk-averse clients should consider locking due to the bond market weakness seen since yesterday's Fed announcement.  Risk-tolerant clients can take heart in the fact that bond markets are holding onto slightly better levels than they did last Wednesday (the last time rates bounced after hitting 2017 lows).  This keeps the trend generally positive over the past month.  If rates continue much higher tomorrow, that trend would increasingly be in question.