Mortgage rates moved slightly lower for the third straight day and have now spent 4 days without moving higher.  Like the previous two business days, the improvements were modest.  That said, they are beginning to add up.  Most lenders are more than halfway back to the rates seen before this month's jobs report, which marked an acceleration in the broader rate spike that began in late October. 

To quantify this (and to oversimplify the fairly complex and diffuse rate-quote landscape), the average 30yr fixed rate was closer to 3.75% on October 27th.  It had risen to nearly 4% by the day before the jobs report, and finally approached 4.125% in the following days.  The recent gains bring us back down to 4.0% though some lenders are still quoting 4.125% on conventional 30yr fixed loans.  As always, keep in mind that we're talking about a relatively perfect scenario with no big adjustments for occupancy, credit, or cash out.  Expect rate quotes to be much higher depending on these factors.