GDP missed the mark... 1.9% vs. 2.4% expected. Perhaps the stimulus package and rebate checks didn't quite make the impact that was thought. Another positive for mortgage rates - the inflationary ECI was in line with expectations.
So far today, rates are slightly improved over yesterday's close, with the typical loan being 0.25% cheaper in COST (not rate) than yesterday. We are still waiting for tomorrow's jobs data - initital claims were unexpectedly high at 448,000 vs. 398,000 expected.
It makes sense to watch this information and float, unless you are about to close a loan. Tomorrow's jobs report could move the market dramatically either way, and it will happen before rates even come out. If you're happy with where we are today, or this afternoon, and can't stomach the risk, then lock and ignore tomorrow's markets.