Mortgage rates moved back down, albeit just slightly, into last week's range.  They'd risen for 2 straight days by Friday, and today's improvement leaves them closer to Wednesday's levels.  That assessment requires a bit of clarification, however.

Rate movement can refer to changes in the actual interest rate that determines the monthly payment amount of a mortgage.  But there are other upfront fees and credits that affect the overall cost of financing.  For example, if you are being quoted a lower rate than anyone else, but have to pay thousands of dollars to get that rate, you might not be saving any money over time. 

Changes in those upfront costs happen far more readily than changes in the actual interest rates (technically referred to as "note rates").  Today was definitely not big enough to affect note rates for almost any scenario and only barely big enough to bring upfront costs a bit lower.

Bigger changes will require bigger swings in the underlying bond market.  The potential for such changes increases exponentially throughout the week as a slew of important data and events hit the wires.  Headliners include Wednesday's Fed rate decision and Friday's big jobs report.