Mortgage rates are having a bleak September, having risen at least an eighth of a percentage point in all cases and by a quarter of a point in many cases.  Depending on the lender and scenario, conventional 30yr fixed rates of 5.0% aren't out of the question although 4.875% remains far more prevalent for borrowers with lots of equity/down-payment and top-tier credit.  Either way, that's as high as mortgage rates have been since 2011 for most lenders.

Most of the recent damage had been done by Wednesday afternoon of last week.  Since then, underlying bond markets haven't been moving as much, relatively.  This could have everything to do with Wednesday's Fed Announcement where the Federal Reserve will undoubtedly hike its policy rate and release updated economic forecasts.  Incidentally, today's rates already fully account for the Fed hiking rates on Wednesday.  Instead, it's the forecasts that stand the biggest chance to cause more volatility.  By Thursday morning, we can expect to have a much clearer sense of whether the recent rate drama will continue.