Mortgage rates are still trending up, as last weeks wage inflation numbers was not pretty. This week we also have more wage inflation in the Consumer Price Index or CPI, which will really dictate rates. This will be the most looked at report this week. We also have the US selling debt in the form of Treasury auctions that will play a roll in rates as well. Anticipating rates worsening this week.
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Mortgage rates last week were pretty flat, squeaking out a minimal .06 reduction.  This week we are in a neutral stance, mainly because the Federal Reserve meets this week.  And although we do not anticipate a rate hike, we do expect some guidance on unwinding their balance sheet and by how much.  This will include the Fed NOT purchasing any more mortgage back securities (MBS).  The Fed has been purchasing MBS  for 8+ years now, keeping mortgage rates artificially low.  As they start to NOT purchase MBS and also potentially selling MBS, we will see rates become even more volatile, thus rising with the markets, instead of being influenced by the Federal Reserve.