Mortgage rates held steady today as political headlines helped to offset some initial weakness in bond markets.  When bonds weaken, rates tend to move higher.  That said, this morning's weakness was quite modest.  The helpful headlines (regarding Robert Mueller's subpoena of members of the Trump Organization) had a similarly modest effect, thus leaving bonds and rates in relatively unchanged territory.  That's perfectly acceptable in this case because it means rates are holding in line with their lowest levels since March 1st.

The risk is that March 1st served as a floor for rates after they began falling from mid-February highs.  It could be the case that rates will have a tough time moving any lower than today's levels without more meaningful motivation and that they're waiting to decide on such matters until after next week's policy announcement from the Federal Reserve (aka, "the Fed").  While the Fed is widely expected to hike its policy rate next week, markets are more interested in their updated rate hike outlook (released 4 times a year) as well as the first press conference for Jerome Powell as Fed Chair.