Mortgage rates didn't move much today, and that's arguably a good thing.  When the week began, we discussed the need for rates to cool-off after last week's rapid drop.  Doing so would improve our chances of seeing recently lower rates stick around for more than a fleeting moment.  Now here we are on Friday with the average lender not too far from last Friday's 3-month lows. 

Each passing day this week saw underlying market activity die down as investors circled the metaphorical wagons ahead of next week's big Fed announcement.  Much of the recent improvement in rates has come courtesy of the market's read on the Fed.  They're expected to be more "dovish" (i.e. more friendly in terms of monetary policy and rate hikes, ostensibly in response a growing case for economic deceleration).  

While various speeches from members of the Fed may suggest that dovishness, it would be another matter for their official communications to confirm it.  Moreover, financial markets are already trading as if some of that confirmation is in place.  That increases the risk that an unfriendly Fed (or even merely a neutral Fed) could cause a bit of a bad reaction that sends rates higher.  As such, it makes more sense to be cautious in terms of locking/floating at the moment, or at the very least to have a solid game-plan in place with your loan originator for next week's Fed day (Wednesday).