Mortgage rates may have ebbed slightly higher today, but that only erased a fraction of the improvement seen over the past 2 days.  Combined with the even stronger showing 2 weeks ago, this makes November the best month of 2018 in terms of mortgage rate improvement. 

All of the good times come with a price, however, as the first few days of the month saw rates move to their highest levels in more than 7 years.  Nonetheless, anyone in the market to buy or refi has seen a meaningful improvement over the past 3 weeks. 

How meaningful is meaningful?  Assuming a loan amount of $300,000, the average mortgage payment (30yr fixed, conventional) would be $45/mo lower this week vs last week, and $90/mo lower vs the beginning of the month.  In terms of upfront costs (i.e. if you were paying points to keep your rate low), you'd be saving $1500 cash today compared to last week, and $3000 compared to the beginning of the month.  Not bad!

If December is able to keep these good times rolling, it will depend on the economic data set to release next week--especially the important jobs report on Friday.