Here are the daily thoughts on floating or locking if you are asked by your clients. 

As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

With little economic reports coming out today, bonds will be taking direction from stocks and from the various testimony of Bernanke yesterday (he encouraged the government to take the lead in preventing a recession) and Bush's announcement this morning of a stimulus plan.

Technically speaking - the FNMA 5.5% 30 year bond bounced off of the 2.5 year high and is settling towards the 10 day moving average.  The bond is still in an overbought stance.

This will be an excellent day to take advantage of the nearly 2.5 year lows in mortgage interest rates and

...    lock (or hook).

To learn why one should Float or Lock -

                          Check out Should I float? Should I lock? & Reasons to Float or Lock