We've crested and are holding the line at 99 and 24/32nds on the 5.0 coupon.

The float comment from a couple hours ago was probably well received as reprices started hitting soon after, but the big question is to lock tonight or keep floating into tomorrow.

Consider a couple things and make your decision.

Economically, floating is favored.  Reports have shown the potential for surprise in the last couple weeks and weakness in the LEI or consumer sentiment tomorrow will drive rates as low as you've seen in 3 years.

Technically, and moderate strength in these reports will have an uncommonly strong effect on bonds as the stock market is so far-stretched from its moving average.  

A different technical read would argue that we've been trending up sharply in bond prices.

Final thing to consider is that a good portion of the strength in bonds today has come late in the trading session.  As such, many lenders will not throw out additional reprices that reflect the actual strength in bonds.  They will be waiting to see if we hold these levels tomorrow.  So the improvements are not yet "baked-in."

If they were, you're current ratesheets would be reflecting 5.125% at PAR on a 30 year fixed.  If we simply hold steady from current levels into tomorrow, the improvements will then be reflected.  Some more aggressive lenders may squeeze in the additional reprice tonight though.  Watch your lenders.

 Personally, I will be floating.  I think even if the reports tomorrow are decent, it will be offset by today's late strength and we'll be the same or better on tomorrow's rate sheets.