What will mortgage rates do today?

Over the past two days, we have seen the stock market gain over 350 points and we have only seen minimal losses for mortgage rates. Today, the stock market appears poised to give back some gains, which should be good for mortgage rates. As I write this, we are still 2 hours away from most lenders issuing today's rate sheets, so a lot can change. I do anticipate rates to remain similar to yesterday's close. This means that a 4.5% 30 year mortgage should still be the prevailing zero point rate for top end borrowers. 4.25% mortgages will be available as well at a reasonable cost. With a glut of data due next week and the fact that  we have seen firm resistance to rates going lower, that makes rates rising the most likely scenario. I am not predicting that we will jump over 5% , I'm not even predicting that rates will rise. What I am saying is that mortgage rates are unlikely to go much lower. Without a lot of room to improve and an abundance of room to worsen, the risk of floating does not outweigh the reward of locking!