Lock all of your loans at application. We really saved a bunch of money these past two weeks by floating the mortgage rate. The mortgage bond market anticipates a Fed Funds cut this week. While we don't think the Fed will cut rates again, we realized that the bond traders do. The perception that the Fed will be lowering rates, this week, is disappearing.
We didn't see the 30 year fixed rate loan fall below 6% but we did see the 5 and 7 year ARMs drop dramatically. Lock your mortgage rate today. If you're applying for a loan, lock at application.