Mortgage rates moved up again today, despite modest improvement in the bond market (which typically coincides with lower rates).  Part of the reason for the counter-intuitive behavior is timing.  Bonds lost ground yesterday afternoon.  This implied higher rates, but many lenders didn't end up changing their mortgage rates.  That meant the average lender began the day with a handicap.  Moreover, today's bond market improvement didn't show up until a few hours into the morning. 

Also at issue is the occasional discrepancies we see between broader bond markets and those that underlie mortgage rates.  It's a common misconception that 10yr Treasury yields determine mortgage rate movement on any given day.  That's only MOSTLY true, and even then, it's more like they are supplementary investments that simply tend to move in the same direction on any given day.  Today, for instance, Treasuries had a much better day than the mortgage bonds. 

Long story short, between the timing of the market movement and small relative gains, there wasn't any love for the average 30yr fixed rate quote, which is now as high as it's been in at least a week.  Recent movement is small potatoes compared to what we might see in the coming days, however, due to several big economic reports and tomorrow's Fed policy announcement.