Mortgage rates managed to hold relatively steady today after moving higher at their fastest pace in over a week yesterday.  Incidentally, they also hit their highest levels in more than a week as well.  In the bigger picture, the changes have been relatively small.  The underlying bond market is catching its breath after an impressive surge toward lower rates throughout August.

Some market participants think the next noticeable wave of momentum will begin tomorrow after Fed Chair Powell speaks at the annual Jackson Hole symposium.  Like many potentially important communications from the Fed, this one has plenty of POTENTIAL to cause a stir, but is by no means guaranteed to do so.  If it does, the risks are tilted toward rising rates as opposed to a quick return to recent lows.  Importantly though: both scenarios are possible and entirely dependent on what's said.