Mortgage rates rose moderately for the 3rd day in a row today, bringing them to the highest levels since December 31st for the average lender.  In outright terms, this equates to an increase of an eighth of a percentage point (.125%) since the most recent lows last Thursday.

While it's only 3 days of weakness in the mortgage market, the concern is that it could be part of a much larger market trend.  Stock prices and interest rates moved lower together for the better part of 2 months.  The drop was relatively extreme for stocks, and nothing to shake a stick at for rates.  The risk is that we're only in the early phase of a bigger correction.  While that would be great news for stock market investors, it would be less pleasant for those with a vested interest in lower mortgage rates.

All of the above having been said, it would take quite a bit more weakness before we've even retraced half of the move that occurred over the past 2 months.  In several ways, these sorts of corrections in interest rates are a necessary part of positive longer-term trends.  In other words, the past few days could be part of a broader, negative trend or a necessary ingredient in an even broader positive trend.  We'll know more about which eventuality is more likely in the coming days.