Mortgage rates are driven primarily by the bond market. Bonds can be a safe haven for investors if there are high-risk events on the horizon, or if headlines create a spike in uncertainty. If events pass without too much drama, and if uncertainty ebbs, investors move money back out of bonds, thus pushing rates higher. That was this week in a nutshell.
Source: Kevin Litwicki Universal Lending
Absence of Drama Lifts Rates From 2017 Lows