Mortgage rates bounced back today--that is, they bounced back DOWN after rising slightly yesterday.  The improvement came courtesy of strength in European bond markets (stronger = more bond buying = higher bond prices = lower bond yields, aka "lower rates").  Weaker domestic equities markets also played a part.  While the correlation isn't always well-behaved, it's not uncommon to see big stock losses translate to some excess demand for bonds (and again, more bond market demand/buying = lower rates).

The size of the move left something to be desired, but it was better than nothing!  Although the average client wouldn't likely see a lower NOTE rate from the average lender, the costs associated with that rate would be noticeably lower than yesterday, and even slightly lower than Tuesday's offerings.

Tomorrow brings the important Employment Situation (aka "the jobs report" or "nonfarm payrolls").  This is the biggest piece of economic data for the US jobs market each month and it always has the potential to cause volatility for rates.  With that in mind, if you saw a pretty good improvement on today's rate sheets, it's worth a hard look in terms of locking vs floating.  While things could improve tomorrow, rates could just as easily move back toward recent highs.