Mortgage rates leveled off today, after moving abruptly higher on Tuesday.  Bond markets, including MBS (the mortgage-backed-securities that most directly influence rates) bore little resemblance to yesterday's behavior.  Trading levels barely budged from start to finish, regardless of the morning's economic data and afternoon headlines.  On average, lenders were microscopically worse than yesterday's last rate sheets, but the effects would only be seen in closing costs.  The  most prevalent 30yr Fixed quote (best-execution) is still straddling 4.5% and 4.625%.  Paying points to buy down to lower rates might make sense for some scenarios, but is comparatively more expensive than it was on Monday (meaning the cost in terms of points to move from 4.5% to 4.25% is higher independent of yesterday's overall move higher).