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.

Good News - Bad News. Unemployment fell by .1% - Payrolls were down 17,000 from an expected 70,000 being created. Average work week and earnings were also lower than expected. Mostly this is bad news for the economy, especially if fears of a recession are still around. It shows non agricultural jobs falling away even though overall unemployment has dropped. Less income and less work week mean less money for consumers to spend and companies to increase.

The news has already shown some companies laying off people due to decreased sales. This could just exacerbate the problem

Technically speaking - the FNMA 5.5% 30 year bond is still above the 10 day moving average. This couple with bonds approaching equilibrium of overbought/oversold could help prices to improve and mortgage rates to come down.

History is still hanging over the bond market's head. Fixed mortgage rates historically worsen after a Fed cut (remember the Fed had slashed the Fed Funds rate 1.25% in the past couple weeks). Therefore, it would be good to

Lock!

To learn why one should Float or Lock -

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