Last week's announcement from the Federal Reserve was the last major shake-up for mortgage rates, sending them quickly higher on Wednesday afternoon. Since then, things have been improving gradually, even if a bit unevenly.
Mortgage lenders have been hoping for a little more stability, and today they got it. The bonds that underlie mortgage rates had their most stable day since before the Fed meeting and they also managed to do that while trading at or near the best levels over the same time frame. The result is the lowest mortgage rates since last Wednesday morning for the average lender.
All that having been said, today's movement was small compared to last Wednesday. It's taken a string of small gains to equal HALF of the damage done on Wednesday afternoon. In other words, we may be at the best levels in a week, but we're only halfway back to pre-Fed rates.
For top tier conventional 30yr fixed scenarios, purchase loans are being quoted in a range near 3.0% and refinances an eighth to a quarter of a point higher.