Mortgage rates bounced back to some extent today, after yesterday's bigger move higher.  The bond markets that underlie mortgage rates actually made a near-full recovery, but lenders remained more cautious in terms of their pricing strategies.  Simply put, that means the trading levels in mortgage-backed-securities (which impact mortgage rates more than anything else) are back where they were on Monday, but the rates lenders are offering to consumers haven't caught up yet.

Keep in mind that we're only talking about minor adjustments over the past few days.  In fact, very few prospective borrowers would see a chance in the actual contract interest rate.  Rather, the difference in cost would be seen in the form a change in the upfront fees or credits.  Lenders continue to quote conventional 30 year fixed rates in a range from 3.75-3.875% predominantly, though a precious few are an eighth of a point higher or lower.