Mortgage rates moved lower for the first time in a few weeks, as data showed the labor market is still strong but is normalizing and unemployment moved higher.

This week we could see mortgage rates move off of the best levels seen last week, although we aren't likely to see them move too high too quickly. There is little in the way of economic data this week to set a direction, and rates are likely to move at least slightly day-to-day and could show some volatility during the day. Rates are likely near the lower end of the current range, and it may be a good idea to discuss locking in with your mortgage professional if you are in the process of obtaining a mortgage.

- Inflation data: Markets will speculate what next week's CPI consumer inflation data will show, and how it will affect future Fed rate hikes.

- Economic data: There is little in the way of data this week that will affect mortgage rates.

- 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.