I believe its for anytime with in a 48hr period? i would also go as far as to say its not limited to your exact location
I mean, when other media forecasts say there is a 40% chance of rain for you, that also means there is a 60% chance
it wont for you, seen as its based on a larger local area and not your back yard so to speak.
I think this too is how the VP works as well.
Mine has been correct so far since i got it back at the beginning for Feb.
Mine is now saying Increasing clouds, little temp change, this, going by other forecasts, is what is forecast for today
i.e. cloudier around lunchtime and temps up up a little from yesterday