UP TO THE MINUTE UPDATE ............................................. 11:25 PST

heavy trading on MBS market, which is to be expected.

We're seeing 8/32nd point swings in under 60 seconds.  As I started typing the 5.5% coupon was near even on the day, and now down 8/32nds.  

I'll keep you posted if it keeps sliding.  Locking is the safe bet as the market seems to be digesting the statement well, however bonds as of 11:31 PST have yet to break through 8/32nds down on the session.  Stay closely tuned here.  I'll let you know if they start to shoot up.  You are PROBABLY safe to float until further notice.