Mortgage rates were steady again today, holding on to the improvements seen yesterday afternoon following a surprise "flash rally" in bond markets.  Such flash moves always create the risk that rates will experience a correction that takes them quickly back in the other direction, so today's "flat" performance is actually fairly positive in the bigger picture.

Still, neither today nor yesterday's rate levels are even close to recent extremes.  In order to see those boundaries tested (for better or worse) we'll need to wait for the more important events on tap for next week.  These include several major economic reports as well as policy announcements from the Fed and the European Central Bank.