Mortgage rates were effectively unchanged today, despite political developments in Italy providing plenty of justification to move higher.  Specifically, Italian lawmakers found a way to move forward with staffing a new coalition government despite an apparent impasse earlier this week.  That impasse was an underlying factor for the big drop in rates this week.

It could be that the news out of Italy was offset by other developments (tariff announcement and news of Deutsche Bank's "troubled" status with the Fed), or it may have simply been too late in the day for European markets to react.  We'll know more about that tomorrow.

In addition to sorting out the true impact European politics (read more about why such a thing matters currently in yesterday's article), tomorrow also bring the task of reacting to the big jobs report in the morning (which has tons of market-moving street cred).  Add to that the fact that it's the first trading day of a new month and there's a clear case for volatility remaining a big risk for interest rates in the coming days.