Mortgage rates didn't move much today, despite moderate improvements in bond markets.  Typically, stronger bond markets result in lower rates, but if anything, more lenders moved into slightly weaker territory.   That has a lot to do with the fact that bonds were in weaker territory around the time most lenders put out the first rate sheets of the day.  With bonds improving in the afternoon, several lenders have issued mid-day reprices, bringing their rate sheets more in line with the underlying market.  

In a broader sense, if we're not seeing widespread participation in mid-day reprices (and we're not), it's because underlying markets have yet to definitively overcome the slow, steady trend toward higher rates over the past few months. 

Tomorrow morning's Consumer Price Index brings the risk of more confirmation for that trend, but only if it comes in stronger than expected. Economists are currently expecting a "core" year-over-year inflation reading of 1.7%--the same as the past 6 months.  Any improvement from there could be seen as the first sign of growing inflation pressures--something that would ensure the Fed is as restrictive as its wiling to be in terms of monetary policy.  That means Fed rate hikes and decreased bond buying would stay on track.  Both of those policy stances would keep upward pressure on rates.