For the second consecutive day, mortgage rates have improved from Friday's momentum of the weak Unemployment Report. Most lenders are currently offering rates starting at 4.625% for a 30-year fixed rate.
There was no financial data released today and the MBS ("mortgage-backed securities" that most directly influence mortgage rates) took advantage of the opportunity to further take back some of the losses of last week.
Treasury auctions will take place tomorrow and Wednesday, but otherwise, it will be another quiet day in the market and this may be prime opportunity for consumers to take advantage of these rates before further volatility is at play.
Beware of the important financial reports coming out on Friday. That will be a day of movement, whether good or bad. If you are considering a refinance, it may be wise to lock in a rate before Friday.