Today is the 20th anniversary of "Black Monday", the close to 23% single-day decline in the stock market.
Mortgage bonds have increased tremendously since my recommendation to float on Wednesday. If you have to close a loan in less than 10 days, and you are floating the rate, now is as good as any time to lock it. If you have more than 10 days to close the loan or have just made application on a mortgage in San Diego, I still think you can hold out and float the mortgage rate.
