Mortgage rates are in the midst of a winning streak of moderate size and duration.  Specifically, rates have improved by at least an eighth of a percentage point for the average lender since the beginning of last week and have moved lower on all but one of the days between now and then. That brings them to the lowest levels since October 31st.

As far as rate rallies go, that qualifies as just a bit longer than average and just a bit better than average.  Notably, it comes at the expense of weaker rate momentum for nearly the entire month of October.  

In the bigger picture, however, rates are staggeringly lower than they were this time last year.  Despite having risen from multi-year lows in September, we're still in a very solid ball park.  In the coming weeks, we'll be watching closely for signs that the good times might be coming to an end (or that the party may be able to keep going).