Yes, we dipped below 99-16 briefly, but there is a chance we'll still get a bounce off the line.  Some lenders will have repriced.  Locking is the conservative and safe play, but if you trust the trend, take a look at the graph.  This is the price curve of the Fannie Mae 5.5% Mortgage Backed Security Today.  The times on the bottom are Eastern Daylight Times.  Remember that the higher the price goes, the better for interest rates.  So as the line bottomed out once on the line at 99-16 (that's a bond price of 99 and 16/32nds), that gave us our first indication of a floor for the day.  But then it did the exact same thing again.  And now, for a third time, although it dipped slightly below, it appears it may arc up a bit.  We'll have to wait and see.  If you trust the trend and are optimistic about the rest of the day, you may want to keep floating.  But if you want to take the risk out of the market, lock.