Mortgage rates began the day in slightly lower territory compared to last Friday afternoon, but they'd risen noticeably from Wednesday to Friday.  The recovery seen this morning wasn't enough to get them back in line with Wednesday's levels.  To make matters slightly worse, by the afternoon, rates started to move up yet again. 

There are a few important caveats to all of this.  First off, very few lenders are far enough away from Wednesday's levels as to be quoting different "note rates."  Note rates tend to be offered in 0.125% increments.  It takes quite a bit of drama in the bond market (which dictates rates, ultimately) to justify a 0.125% move in the space of a few days.  While Friday was indeed the worst day in months for the bond market, it happened to follow the best day in years.

For the average borrower, the net effect is a moderate hike in upfront costs in exchange for keeping the same rate quoted on Wednesday.  This could range from 0.1 - 0.3% of the loan amount ($100-$300 for each $100k financed).  

Don't take anything for granted going forward, however.  There are several important events coming up this week.  Specifically, Fed Chair Powell speaks every morning for the next 3 days.  If he is a bit less dovish (i.e. rate-friendly) than markets currently anticipate, rates could remain under pressure to move higher.