Mortgage rates improved nicely overnight.  The average lender's morning rates were very close to the lowest levels ever.  This was a distinct possibility based on yesterday afternoon's bond market movement.  

Mortgage rates are most directly influenced by mortgage-backed bonds which trade thousands of times a day.  It's not feasible for mortgage lenders to change rate quotes that frequently.  Instead, they wait for the market to move by a certain amount before making any changes.  By yesterday afternoon, we'd clearly seen enough movement as several lenders had already updated rates for the better. 

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