Mortgage rates barely budged today after hitting the highest levels in more than a week yesterday. In general, the bond market (which dictates rate movements) looks to be leveling off ahead of tomorrow's important jobs report. And that provides a useful clue about potential volatility ahead.
It's not uncommon for the Employment Situation (the official name of the jobs report) to have the biggest impact on interest rates on any given month compared to the other regularly scheduled economic reports. Like most economic data, if the results are stronger than expected, the implication is for higher rates and vice versa.
This time around, rates have positioned themselves very close to the borderline between 2019's prevailing range and the recently lower range that began in late March. As rates move into and out of separate ranges, there tends to be more momentum on the initial shift. This suggests rates aren't merely in a position to move quickly higher or lower... they're planning on it!