the 5.5 is holding at 12/32nds down on the day. Traders are preparing for the storm of data for the rest of the week. Some lenders will reprice for the worse. Provident who repriced for the better half an hour ago will probably take that back very soon.
To lock or float depends on your "gut" feeling about the CPI report tomorrow. If inflation is better than expected, we will recapture a ton of our losses. If it is the same or worse than expected, locking now makes sense.