Mortgage rates have been more willing to move higher than lower recently.  While that may continue to be the case in the near-term future, there have been pockets of resistance to that trend.  The first 2 days of this week seem to be just such a pocket.

The direction of the movement is good, but the magnitude may leave a bit to be desired, depending on your standards.  The average loan scenario would still be seeing the same "note rate" quote as yesterday, but the effective rate would be slightly better due to lower upfront borrowing costs. 

In the bigger picture, it makes sense to remain defensive about the possibility that the broader trend toward higher rates can continue.  We'd need to see a much more substantial push back toward lower rates in order to abandon that defensive stance.