From Matthew Graham at Mortgage News Daily: Mortgage Rates Slightly Higher to Start New Week

The more important consideration is the new round of potential volatility on the horizon. Whereas it was the jobs report last week, this week's critical data will be Wednesday's Consumer Price Index (CPI). Tomorrow's inflation data (the Producer Price Index) is not quite as important, but a nonetheless capable of causing a reaction.

If inflation comes in higher than expected, it could easily push rates even higher. [30 year fixed 7.26%]
emphasis added

Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for December.

• At 8:30 AM, The Producer Price Index for December from the BLS. The consensus is for a 0.4% increase in PPI, and a 0.3% increase in core PPI.