Mortgage rates crept up. Is this a trend?

Mortgage rates ticked up last week by .03%. Why?

Rates rose as a reaction to the Labor Department report that the economy added 517,000 jobs in January blowing away predictions. Higher job numbers mean inflation may not fall as fast as hoped, thus an increase in rates.

Inflation and mortgage rates are predicted to fall throughout the year and most estimates have the 30yr fixed rate mortgage to be closer to 5% by the end of the 2023.