Mortgage rates are artificially right now so even the slightest jolt could cause them to spike. It would be similar to what happened in June 2009 when rates rose 1.125% in just 10 days’ time. Therefore, if you’re shopping for a mortgage and like the rate you’ve been quoted, consider locking in as soon as possible.

Mortgage rates have fallen in 4 consecutive weeks and are on an extended rally that dates back to mid-April. This week, however, data returns and rates could reverse. Especially with inflation numbers are in play.

Mortgage rates move in response to hundreds of factors. Among the biggest influences on mortgage rates? Inflation.

Mortgage markets improved again last week on worsening news out of Greece and the Eurozone. Then, as contagion mentality set in, U.S. mortgage bonds gained and mortgage rates fell. It’s the 4th straight week in which conforming mortgage rates improved.

From March’s Fed Minutes, it’s clear that the Fed’s concern about inflation is hugely diminished — a major plus for the mortgage bond market and mortgage rates.

If you’re trying to gauge whether rates will be rising or falling, one keyword for which to listen is “inflation”. Mortgage rates are highly responsive to inflation.