Mortgage rates were unchanged on average today, though some lenders were slightly higher or lower than yesterday's latest rate sheets.  This is a small victory considering that underlying markets suggested rates should move slightly higher.  Mortgage rates are most directly affected by mortgage-backed-securities (MBS) which tend to trade in line with US Treasuries.  After this morning's slightly stronger inflation data, bond markets moved lower in price and higher in yield--a classic reaction to that type of data.  The most frequently-quoted conventional 30yr fixed rate remains 4.0% for top tier scenarios, though several lenders are an eighth of a point higher or lower.

Mortgage rates were just slightly lower in most cases today.  Last Friday, rates did a bit better than the underlying market weakness would have suggested, and now today, they've done a bit worse than the underlying strength would suggest, leaving them right about where they should be if the past two business days never happened.  The most prevalently-quoted conventional 30yr fixed rate remains 4.0% with some lenders continuing to offer 3.875%.  In most cases, the differences in rates over the past few days will only be seen in the form of varying closing costs as opposed to changes in the actual contract rate.

Mortgage rates moved sideways-to-slightly lower in most cases today, but only after underlying bond markets fought back from morning weakness.  Before that, most lenders were offering slightly higher rates than yesterday, though the differences would be seen in the form of closing costs as opposed to in the rate itself.  4.0% remains the most prevalent conventional 30yr fixed quote for top tier scenarios.  This has been a line in the sand, blocking rates from a more substantial recovery after they spiked in early May.

Mortgage rates barely budged today.  Those that budged moved almost imperceptibly lower from yesterday's latest rate sheets.  In general, there was simply very little movement in underlying markets and lenders' rate sheets matched the tone. 

Ironically, Freddie Mac's weekly rate survey results came out this morning indicating higher rates.  Keep in mind that the Freddie survey receives most of it's responses early in the week and then reports on Thursday mornings.  That means that any changes in rates over the intervening days are not captured in the data.  In the current case, it's not that rates have moved significantly lower in the past few days, but more to do with the fact that last week's Freddie survey didn't capture the brunt of the rise in rates that occurred on Tuesday.

Mortgage rates moved lower again today, making this the 7th straight day where rates have either held steady or improved.  Over that time, no single day stands out as clearly better than the others.  Instead, the gains have been slow, steady, and varied by lender to a greater degree than normal.  Despite the slow and steady pace, the improvement has been meaningful.  Not only are today's rates the lowest in more than three weeks, they also bring 3.875% back into the picture as the most prevalently-quoted conventional 30yr fixed rate.  That said, there are still quite a few lenders at 4.0%.