Today represents the 2nd day we have seen improvement in the mortgage market.  Other than the fact that the US Treasury will be out of the credit markets for the remainder of the 2nd quarter in terms of issuing additional debt, there does not appear to be core economic data supporting the improvement in rates we have seen in the past several days.  The stock market appears to be jittery, with one camp thinking the stock market will drop after its run up since March and one camp thinking a floor was established in March and that the stock market will steadily improve through the end of the year.  While it may sound conservative, we still believe it is safer to take the gains we have seen and lock rather than float a loan right now. I would feel differently if we were seeing persistent, multi-day selling pressure in the stock market.  So far today the stock market is holding its ground after a weak day yesterday.  If the market does improve dramatically, we are able to renegotiate once and get within .375 points in closing costs of current market. For example, if the market improves to 5.50% with 0 points, we can renegotiate once to 5.50% with .375 points. If you would like to lock with us, the first step is to be pre-approved. You can access a short application form at http://www.ironharbor.com/xSites/Mortgage/IronHarbor/Content/UploadedFiles/Iron%20Harbor%20Short%20Application.pdf