Mortgage rates should improve slightly again this morning adding to the improvements from yesterday.

All of the major scheduled economic reports for today, Durable Goods, Loan Applications, and Home Sales, were weaker than expected.  Remember that weak data tends to push investors to buy bonds such as Mortgage Backed Securities.  When investors buy these bonds, the mortgage rates get better.

It's a volatile morning because in addition to the economic data there are numerous headlines from Wall Street and Beyond.

But so far so good.  The main enemy of mortgage rates over the last 2 weeks has been inflation.  Yesterday some news came out indicating that some thought inflation would moderate.  Mortgages reacted positively.  The only inflation report of the week has passed and now it's other economic data for the rest of the week.  I've said that this data should be weak.  For today, that has held true.  If the same is true tomorrow and Thursday, we could see rates improve even further.

Don't get too excited yet.  Rates have not yet approached their excellent levels from late January, but at least they are slowly moving back in that direction.