Mortgage rates moved modestly higher today, but remain very close to the lowest levels in nearly a month. The underlying bond market (which dictates rates) has been somewhat volatile this week on a combination of trade-related headlines and comments from Fed Chair Powell. Traders also have an eye on recent market trends in conjunction with this week's bond market auctions.
All of the above have added up to plenty of back and forth movement, but no sustained trend in one direction or the other. Even then, we're not talking about huge swings for the average mortgage lender. Most prospective borrowers would barely see a detectable difference from one day to the next. Eventually, that will start to change when the next bout of momentum sets in.