While the 10 Yr Treasury was fairy flat early today, hovering around the 3.6% yield level, mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac are rebounding slightly with us seeing approx .125% improvement in rate after the carnage on Wednesday took us back over the 5% threshhold.  It is too early to tell if we will see rates move back into the high 4's without having to pay a significant amount of points.  For those sitting on the sidelines waiting to lock, please note that it is taking a full 30 days to close purchase transactions and 45 days to fund refinance transactions.  As such, even if you wait to lock to see if the market can improve a bit more, you will be best served to start the processing of your file with a lender.  For additional commentary on what is going on in the bond market there is a CNN article called "What is driving the great bond friek out" at http://money.cnn.com/2009/05/28/markets/thebuzz/index.htm?postversion=2009052813