Mortgage rates moved modestly higher today despite bigger movement in underlying bond markets.  In part, this is a byproduct of the way rates behaved at the end of last week, when lenders didn't adjust rates lower as quickly as bond market strength would have suggested.  In short, rates are playing it closer to the vest while the bonds that underlie and inform rate movement have been a bit more volatile.  

Bonds and rates frequently react to economic reports and other news that speaks to the health of the economy or the rate-setting policies of the Federal Reserve.  Although we did have a key report on new home construction and several speakers from the Fed today, rates were preoccupied with less overt motivations.  One example would be bond traders who decided to sell bonds today simply because trading levels hit certain targets. 

All that having been said, motivations aren't as important to dissect until we move outside the range we've been in since late September.  The next clear move outside that range (for better or worse) will be all the more meaningful because of the amount of time rates have been generally sideways and stable in the bigger picture.