Mortgage rates didn't move much today, which keeps them right in line with last week's lowest levels.  That sounds pretty good!  Unfortunately, any time prior to last week, those "lowest levels" would have been the highest in more than 4 years. 

To make things simple, look at like this: rates didn't move more than an eighth of a percentage point (.125) for most of March and early April (lenders typically divide rate sheet offerings in 1/8th increments).  Last week brought rates a quarter of a point (.25) higher at its worst, and now we've recovered about an eighth.  In other words, we're right in between the March plateau and last week's highs.

The rest of this week brings several important economic reports including Friday's big jobs report (The Employment Situation, aka "Nonfarm Payrolls").  This is the single biggest piece of economic data when it comes to labor markets and a longtime flashpoint for interest rates.  Investors are curious to see if last month's excessively weak reading was an isolated event or a sign of labor market tightening. 

If it's much weaker than expected this Friday, it would likely be good for rates.  Balance that against the fact that rates had enjoyed the aforementioned stability in March, and the recent trend has been decidedly unfriendly.  It makes sense to remain on guard against additional rate spikes until and unless we can make some better improvements than those seen over the last few business days.