Floating (not locking) a rate is wrong 2/3 of the time. Here's why: 1 - If you float and rates go up, you lose. 2 - If you float and rates stay the same, you lose (my reasoning is that you worried and spent time watching rates and gained nothing. Without gaining anything the energy spent is wasted).3 - If you float and rates go down, you win. This is the only winning scenario.Look, if you are happy with your interest rate... Lock. And then don't watch anymore. It will just drive you crazy.

US and China manufacturing positive numbers are what is driving the market today and this has eased some of the tensions for investors. Rates are really low and are up against a ceiling of resistance that may prevent them from going any lower. I wish I had a crystal ball to tell you to lock or not... Best of luck!

You really should be discussing this with your loan officer. He or she will have all the pertinent information. Good luck!

Aside from the Institute of Supply Management Numbers being far more postive than anticipated, concerns over a potential deflationary environment were eased and stocks profited. Typically, when stocks are improving, mortgage backed securities suffer, since they battle for the same money most times. Right now, everybody is in a "locking bias." I would agree with Ron, though, that you should lock the first chance you can when you're happy with what you're being offered. Without a really good hunch of near term improving rates, floating your rate rarely accomplishes anything worth while. The best decision is usually just to make a decision and stick with it.

Manufacturing numbers affected the market yesterday. Typically when the stock market goes up, rates go up as well. With rates currently at or near all time lows, locking is the way to go.