Mortgage rates edged just slightly higher today for the average lender, marking the 2nd day of weakness this week.  In terms of the underlying bond market, however, today was purely an extension of yesterday's trading patterns that began shortly after rates rose in response to the press conference with European Central Bank (ECB) President Mario Draghi.

When we talk about "rates" rising in response to Draghi, it can mean one of two things.  As far as the average mortgage borrower is concerned, it can refer to the generally higher mortgage rates yesterday.  But "rates" can also refer to the yields on various bonds that trade throughout the day.  Whereas mortgage rates might only be adjusted a few times per day at the most (and typically not at all), bonds are moving hundreds to thousands of times a day, depending on the bond.  

All this to say that the bond market--the actual foundation of mortgage rate movement--has been flat since yesterday mid-morning.  Any changes in mortgage rates are purely incidental as lenders get caught up with yesterday's moves or hedge their bets heading into the weekend.

When they return, they'll face even more potential volatility than the ECB delivered yesterday.  There are several big-ticket economic reports throughout the week, each with the power to push rates higher or lower.  The policy announcement from the Federal Reserve is equally potent.  If the events all happen to argue the same move for rates, it could be a big one, for better or worse.