Mortgage rates did something they haven't done on any other day so far this month.  They avoided moving higher.  While that's a welcome change, to be sure, today's rates didn't move any lower on average.  This keeps them in line with the highest levels in nearly four months.  The journey has been a quick one as well, with the spike from 1-month lows to 4-month highs happening in just under 2 weeks.  Lenders are easily back into the low 4 percent range.  There's a relatively even split between aggressive lenders quoting 4.0% and less aggressive lenders at 4.125% on top tier conventional 30yr fixed scenarios.

Yesterday, we discussed the possibility of rates experiencing a day like today simply because rates are increasingly likely to take a breather after an extended move in the same direction.  This, then, is that breather.  These little pockets of relief can last for 1-3 days before rates begin rising again, or they can be the first, timid indication of a ceiling.  With bond markets (which dictate mortgage rates) being closed tomorrow, we may simply be seeing investors taking a break as opposed to any real change in the momentum.  It would be easier to believe that today is something more positive than that if the good times continue after Veterans Day.