Mortgage rates began the new week on a modestly positive note. The average lender is now quoting conventional 30yr fixed loans at a slightly lower rate than last Friday afternoon.
That said, the changes are modest, to say the least. Some borrowers won't see any detectable difference from last week's rates. Others might see an eighth of a percent lower at best.
Even in those best cases, rates remain much higher than they were to begin the month with the average lender moving up from 5.99% to 6.78% since February 2nd.
For those that want a little hope, it would be best to focus on the fact that the pace of deterioration slowed noticeably last week. In other words, the market was moving quickly toward higher rates for most of the month, but finally looks like it may have achieved what it set out to do.
Note: this is merely a possibility that has been suggested by a shift in underlying market movement. Things could deteriorate yet again if some of this week's economic data comes in much stronger than expected, or if something happens that has a big impact on the Fed's policy outlook. The Fed doesn't directly set mortgage rates, but mortgage rates (and most other interest rates) are heavily affected by the Fed's longer-term rate outlook.