Mortgage rates had one of their least exciting days of the week today, moving just modestly lower from yesterday's latest levels.  The trading range in underlying markets was exceptionally narrow, especially when compared to the week's previous activity.  The final revision of 2014's 4th quarter GDP was released this morning, but it was close to forecasts and didn't produce much of a reaction.  Fed Chair Yellen spoke in the afternoon, saying that a rate hike would indeed likely be warranted in 2015.  By now, this is old news for financial markets.  Few, if any, eyelashes were batted.

3.75% remains the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios.  For the lenders that moved up to 3.875% yesterday, today's modest gains didn't bring them any lower.  The only improvements were seen in the form of closing costs.  Even then, several lenders are actually worse off today, despite trading levels improving.

Mortgage rates fell moderately to begin the week, but haven't yet returned to recent lows.  Even so, the improvement is a relief considering rates had only just begun fighting back against a big move higher that happened on Wednesday and Thursday of last week.  Friday then offered a glimmer of hope and today keeps hope alive.  That said, upcoming events could make for some more volatility, especially after tomorrow.  It's not safe to assume that rates will continue to fall in the short term.

3.75% remains the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios.  Most of the lenders that moved up to 3.875% last week are now back down to 3.75% and a few of the most aggressive lenders are offering 3.625%, but the vast majority are at 3.75%.

Mortgage rates fell again today extending a 3 day winning streak after shooting abruptly higher in the middle of last week.  That damage hasn't been completely undone yet, and we shouldn't expect it to be, given that underlying trading levels in bond markets have yet to make it back to the stronger levels seen last Tuesday.  In addition, it's the nature of the mortgage market for rates to move up more abruptly than they move down.

3.75% remains the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios.  Most of the lenders that moved up to 3.875% with last week's spike are now back down to 3.75% and a few of the most aggressive lenders are offering 3.625%, but the vast majority are at 3.75%.

Mortgage rates fell appreciably today, this time at the fastest pace of the current winning streak.  In fact, it was the biggest move lower since the March 18th FOMC Announcement when markets dialed back their expectations on the timing of the Fed's rate hike.  That's a topic that continues to be a key consideration for the bond markets that dictate mortgage rates.

Today's economic data served as more anecdotal evidence suggesting a weaker jobs report on Friday.  The jobs report (technically, the "Employment Situation," but also referred to as Nonfarm Payrolls or NFP) is the most important piece of data when it comes to the economy's influence on Fed policy.  The past few reports have been much stronger than expected, and markets have responded by quickly ramping up expectations for a rate hike.  Today's report suggested that trend may be running out of steam.  That's good for rates as investors feel it should further delay a Fed rate hike.

Mortgage rates bounce higher today on average.  Some lenders remained close to unchanged, but they generally were the same lenders that hadn't improved as much by the end of the day yesterday.  In the bigger picture, today's weakness in rates is a minor correction in a longer-term trend toward lower rates.  Case in point, yesterday afternoon's rates were near 2-month lows, and with the exception of several weeks earlier this year, current rates are the lowest in nearly 2 years.

Mortgage rates scored a major victory today at the expense of the labor market.  Recent examples of the Employment Situation Report (the big "jobs report," which dwarfs all comers in terms of significance) have been surprisingly strong.  That presented major problems for rates in February and March as it ramped up expectations for a Fed rate hike.  But those expectations have come crashing down in the past few hours.  This report wasn't just moderately weaker, it was the biggest month-over-month drop in well over a year.

The bond markets that underlie mortgage rate movement responded immediately, moving to the best levels in nearly 2 months.  As for mortgage rates themselves, lenders offerings actually matched those seen on Feb 3rd, making for official 2 month lows (hey... February is a "month" too.  No one said anything about "61 day lows").  Most lenders are now down to 3.625% in terms of the most prevalent conventional 30yr fixed rates for top tier scenarios.