Bond Prices Falling ......................... 7:53 AM PST

If you have rate sheets out already today and they look good, be advised that MBS prices have dropped rapidly in the last 10 minutes.  If you don't want to wait it out to see if it reverses, you may want to lock now.  Still early in the morning to say for sure, and this is not an absolute lock recommendation, just keeping you up to the minute on price fluctuations.  I'll update you in another 30 minutes.

Update: bond prices reversed for a bit and went higher, but now they are back down near session lows.  Again, locking is the safe bet if your lender sent out early rate sheets this morning.  If, on the other hand, they waited until after 8AM pacific time, you can likely get away with floating until further data hits.