Mortgage Rates were lower again today, marking the 4th straight day of improvements and the 8th day without a meaningful increase.  This brings the average lender back in line with levels seen on September 7th.  Before that, you'd have to go back at least to early August to see anything lower.  

Admittedly, the "lowest rates since early August" sounds a lot more exciting than it actually is.   The overall range of rates during that time continues to be exceptionally narrow.  For most lenders conventional 30yr fixed quotes never went above 3.5% during that time, and never went lower than 3.375% on top tier scenarios.  

The recovery from the higher rates seen 2 weeks ago allows a bit of breathing room from a strategy standpoint.  In the bigger picture, it still makes sense to defend against the possibility that early July marked a long-term bottom in rates, but risk-takers could use recent highs as "stop loss" levels.  In other words, it's not insane to float in the current environment as long as you lock if rates happen to move back to recent highs.