Mortgage rates managed to hold steady, for the most part, today.  Some lenders were offering slightly better or worse terms compared to yesterday, but none of the changes were very big.  This is a welcome development considering the past 2 days saw a rapid increase of 0.125% for the average lender.  Sadly, it's not necessarily a guarantee that we're out of the woods with respect to additional increases.

While there's no way to predict the future when it comes to financial markets, it is safe to say that rates will face more upward pressure to whatever extent the coronavirus panic dies down.  Indeed, that's been at the heart of the past 2 days of rising rates, and before that the burgeoning panic was the primary reason for rates dropping to multi-year lows.

Of course coronavirus isn't the only consideration for markets and rates, even if it's been in the spotlight recently.  Things like tomorrow morning's jobs report will always have the power to cause a reaction--especially for rates.  Additionally, jobs report day is often used as target time for traders to make bigger trades regardless of the outcome.  The bottom line is that today's lack of movement is no guarantee that things will stay calm.  If anything, we should expect volatility to increase heading into next week.