Mortgage rates rose today at the quickest pace in months, ultimately hitting the highest levels since June 25th for the average lender.  While neither of those are "fun" facts for fans of low rates, they are made slightly more palatable by the nature of the recent range.

Specifically, rates hadn't moved very much since late June.  The average mortgage seeker will not have seen a change in their quoted interest rate during that time (the only adjustments have been to upfront closing costs/credits).  The point is that it didn't require a huge move to be able to say "highest in a month" or "fastest pace in months." 

Caveats aside, today's rate spike confirms that a recent consolidation in the bond market is now over.  The risk is that by breaking to the upside, rates have signaled that we're in for more negative momentum (or at least an absence of any notable positive momentum).