The bond market, particularly mortgage-backed securities, has been on a wild ride over the past three weeks.

Take a look at the graph below: remember, an upward movement indicates lower rates. We’ve seen significant losses since September, and while there was a bit of a rebound last week, most of those gains slipped away this morning.

This chart represents about a 0.75% rate shift.

The economy, meanwhile, continues to perform exceptionally well, with unemployment holding at historic lows and inflation hovering close to the Fed’s target. Yet, mortgage rates remain stubbornly unpredictable.