Mortgage rates improved again today, bringing them back to the lowest levels seen since last Thursday morning.  Starting last Wednesday, we saw a fairly fast rate spike through the end of the week followed by 3 days of relative calm so far in the current week.  The average lender has a bit farther to go to get back to the lowest of the recent lows seen at the beginning of last week.

Whether or not they're able to get there may depend on the next two days of important scheduled events.  These include a policy announcement from the European Central Bank (ECB) tomorrow morning and the release of the big jobs report on Friday morning.  In general, the more downbeat and cautious the ECB is about the economic outlook, the better it is for rates. 

The effects would be felt primarily in Europe, but US markets tend to get some spillover.  The jobs report is a far more direct consideration for rates in the US but the reaction function is the same: bad news for the economy=good news for rates.  Conversely, if job growth is much better than expected, rates could come under quick pressure to move back up to recent highs.