Floating can still pay off for risk takers, but locking now would take this volatility risk out of the market. For 3 seconds, we ticked below 100-00. If we dip there again, price worsening is likely. Moreover, unless we tick up appreciably, additional improvements are unlikely from all but the most aggressively priced lenders. Despite volatility, we seem to be settling into a range around 100-00 on the 5.5%. Basically, the magic 8-Ball is telling me that "Locking May Be Wise."
But as I always encourage you to, take a look at the data for yourself and draw your own conclusions. The trend seems pretty clear to me: