Mortgage rates hit new highs early in the week before falling back to end the week only slightly higher. Fed Chair Jerome Powell's speech on Friday didn't contain any surprises, so basically left mortgage rates unaffected.

This week will see mortgage rates react to lots of economic data, most of it about the labor market. If the data shows the labor market is beginning to soften, it could help mortgage rates take a break from recent increases. However, if markets see signs of further labor market strength, we could see mortgage rates creep higher. Rates are not likely to move much lower from here though.

- Labor market data: This week has lots of reports on the labor market, starting with Tuesday's Job Opening and Labor Turnover Survey, then Wednesday's ADP private payrolls report, Thursday's unemployment claims, and on Friday the data most likely to push mortgage rates higher or lower... non-farm payrolls and wage data.

- The Fed: Markets are starting to price in one more Fed rate hike to come in November, which puts pressure on mortgage rates to move higher.