Holding at 11/32nds improved on the day. Price improvements will come late today. The question is whether you should take those rates or wait for employment numbers on Friday. If you think the economic data will be weaker than expectations, floating is the way to go, if you think it will be stronger or the same as expectations, then lock.
Personally, I will float into Friday as this "same as expected" FOMC announcement was not enough to scare investors away from bonds. I think the general level of optimism in the stock market is a little too high currently considering what should be coming down the pipeline owning to a weak consumer. Without corporations bolstering inventories, the GDP would have been negative today and I don't think that weakness is reflected in the markets yet.
Friday may well be a negative day for MBS, so those that float, must be able to afford this risk. If you are going to lose the deal if you lose any ground on pricing, then lock as late as possible tonight, but after today, floating is looking more likely to pay off than it did at the start of the day.
Until further notice, assume that MBS has held steady for today and we will turn our attention to the next two days. In other words, the blog will not be updated again unless we lose ground or by tomorrow morning if we do not.
If you stayed on the boat with me today, congrats as it paid off (i just got my reprice from CITI... more are on the way certainly).