Compared to yesterday, mortgage rates are either a little bit higher or lower depending on the lender at the moment.  On average, they've inched just past last Friday's levels, meaning they're the lowest in 2 weeks.

As nice as that sounds, it's worth noting that we're really splitting hairs here.  Most anyone pricing out a mortgage right now won't see any difference in their rate quote over the past few days.  The biggest drop occurred last Friday and we haven't seen appreciable movement since then.   Most lenders continue to quote conventional 30yr fixed rates in a range of 4.0-4.25% for top tier scenarios, with 4.125% being the most prevalent.  4.0% is the runner-up and the laggards are still up at 4.25%.

In the bigger picture, we've been looking for confirmation that the recent trend toward higher rates, which began in mid-April, had run its course.  While today's improvement doesn't resoundingly offer that confirmation, it's good enough to consider the previous trend defeated for now.  Risk-averse borrowers can view this as a cue to lock.  Risk-tolerant borrowers can view it as license to keep floating and hoping for more improvement (as long as they're prepared to lock if things take a turn for the worse).