From Matthew Graham at Mortgage News Daily: Mortgage Rates Sideways But Market Says They Shouldn't Be

Mortgage rates were sideways to slightly higher today, and that's actually a strong showing considering what transpired in underlying bond markets. In fact, I'd wager tomorrow morning's rate sheets will be noticeably weaker if bonds are anywhere near their current levels. [30YR FIXED - 4.625%-4.75%]
emphasis added
• At 8:30 AM ET, Retail sales for April will be released.  The consensus is for a 0.3% increase in retail sales.

• At 8:30 AM, The New York Fed Empire State manufacturing survey for May. The consensus is for a reading of 15.5, down from 15.8.

• At 10:00 AM, The May NAHB homebuilder survey. The consensus is for a reading of  70, up from 69 in April. Any number above 50 indicates that more builders view sales conditions as good than poor.