We keep pretty timely track of mortgage rates around here--timely enough to account for several changes on any given day. As such, we mean it when we say this is really the first time in 2 weeks that rates have fallen, but that wasn't necessarily a given at the outset.
Today's rates started out fairly flat compared to yesterday but as the bond market improved throughout the day, many lenders offered slightly lower rates.
The change is small in the bigger picture. The average lender is still quoting 6.75% - 6.875% on a conventional 30yr fixed. That number was just under 6% at the beginning of the month.
No one knows if rates will continue higher in the near future or if this is the first sign that things are calming down. Those questions will likely be answered by economic data in the coming weeks.