Mortgage rates were sideways to slightly higher today, and that's actually a strong showing considering what transpired in underlying bond markets.  In fact, I'd wager tomorrow morning's rate sheets will be noticeably weaker if bonds are anywhere near their current levels. 

This flow of logic raises a valid question: if bonds drive rates and if bonds say rates should be higher, then why aren't they higher already? 

The answer is fairly simple: mortgage lenders put out one rate sheet per day unless market conditions force them to change.  Friday's rate sheets were arguably a bit worse than they should have been, based on bond levels.  This allowed this morning's rate sheets to be a bit better than they otherwise might have been.  Finally, bonds' deterioration throughout the day has been gradual enough so as to not force most lenders to consider adjusting their first rate sheet of the day.  In these cases, lenders almost always just wait for the following morning and adjust accordingly.