Reports from fellow mortgage professionals indicate lenders have passed along better rates this morning. The par 30 year conventional rate mortgage has once again fallen to the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. For consumers with lower scores to secure a par rate, they will be required to pay higher fees. With a busy week ahead and the Fed statement due out tomorrow, I still favor locking over floating. To be more specific on timing, if you have not locked I think you should strongly consider taking this morning's improvements before the Treasury releases auction results at 1pm. If you are a risk taker and want to continue to float keep an eye on the stock market. It has had a higher impact on interet rates lately, we refer to this relationship as the stock lever. If stocks move higher, mortgage rates will likely increase....