Mortgage rates may be close to their lowest levels in more than a year, but they were slightly higher versus yesterday.  Yesterday's rates were close enough to 1-year lows that no one would take exception with the claim.  That said, rates on January 31st were slightly lower for most lenders.  

Why all the fuss?  No fuss, per se.  It's just that many mainstream news outlets are running stories today about the "lowest rates in more than a year" due to Freddie Mac's weekly mortgage rates survey.  Indeed, if we're just comparing the Monday/Tuesday 30yr fixed rate averages (which is essentially what Freddie's survey does), this week definitely qualifies as having the lowest rates in a year.  As is always the case with delayed data, by the time you read about it, the story has often changed.

None of the above should be taken to suggest rates have risen enough to dissuade action.  In fact, for most lenders, the actual interest rate applied to your loan balance is the same today as it was yesterday or on January 31st.  The only change is in the upfront costs associated with that rate.  This might cost you a couple hundred bucks in closing costs or a few bucks a month if financed over the life of the loan.