MBS slide after home sales data

Existing home sales posted a long-forgotten gain of 2.9% to 5.03 million, unexpected news, and higher than the expectation of 4.85 million.

Stocks are rallying on the news and bonds are sliding.  If you already received rates this morning, locking may be wise if your closing is short term, but temper your decision with the advise and the opinion from this morning's main post before making a hasty choice.  MBS are not "through the floor" yet.