Markets are poised to move in either direction.  While we’re encouraged by rates’ recent ability to draw a line in the sand at 4.25%, we can’t rule out upside risks from European headlines or domestic economic surprises.  If you’re now looking at a better rate than you once were, either you cash in your gains, lock, and move on or you float to see if you can get an extra eighth and resolve to lock if rates rise back to 4.25% Best-Execution levels.  If you moved down to 4.0 today, please note the graphic above and the suggestion that we’d lean even more heavily toward locking.  Remember that any mention of floating really only applies to those scenarios who are flexible enough to run the risk of paying more closing costs, a higher rate, or potentially losing a deal altogether.  All others shouldn’t really try to beat the market when rates are as close as they are to all time lows.