Mortgage rates barely budged in most cases today.  Some lenders were just slightly better.  Others were worse.  The average rate quote is unchanged vs yesterday with most lenders still offering conventional 30yr fixed rates of 4.125% on top tier scenarios.  

The lack of movement on rate sheets belies the fact that underlying market conditions improved.  Specifically, MBS Prices (the mortgage-backed-securities that most directly affect the rates lenders can offer) were higher.  This typically corresponds to lenders offering lower rates.  In fairness, several lenders did adjust rates lower in the middle of the day as markets improved, but that merely brought the average lender back to unchanged levels.

This is part of the phenomenon discussed in yesterday's headline where mortgage rates have taken the metaphorical elevator up, only to take the stairs on the way back down.  In other words, the current market environment is volatile and has mostly pushed rates higher for the past 2 months.  For several reasons, this results in lenders being hesitant to publish lower rates at the first sign of market positivity (not the least of which being that recent precedent suggests ongoing upward pressure).

From a lock/float standpoint, this decreases the potential reward for waiting to lock.  That outlook doesn't really begin to improve until we see several successive days of improvement in markets and adjustments in lenders' rate sheets that keep better pace with the market movement.