Mortgage rates were just slightly higher today, leaving them roughly in the center of a range that's persisted since mid-November.  During that time the average top-tier conventional 30yr fixed rate has been briefly as high as 4.5% and as low as 4.0%.  Those are the exceptions.  The range has predominantly been a narrower 4.125-4.375%.  The average lender is quoting 4.25% today, though there are a few offering 4.125%.  

The outright numbers are less important here.  They can vary quite a bit based on multiple variables.  The fact that rates have been sideways for so long is more relevant.  In fact, rates haven't merely been sideways.  The range has been growing progressively more narrow over the past several months.  

While this type of "consolidation" is not uncommon in the wake of big market movement, it does mean that rates will soon be forced to choose a direction.  Such breakouts tend to see extra momentum.  In other words, we're increasingly due for a bigger move.  If you roll the dice on that move being toward lower rates, there's additional reward for that risk.  For most borrowers, however, that potential for reward is overshadowed by the increased risk of a big move toward higher rates.