WEEKLY RATE TRENDS (Updated 10:00 a.m. on Wednesday 3/3/2010:

The 30 year fixed ticked back down under 5% with 0 points on Tuesday and continues to float in a very narrow range.  With the Fed's increase in the discount rate and continuing evidence that the economy is strengthening (job losses are slowing, manufacturing improving, ISM index >50%), many believe that the current low rates may not remain available for long.

Rates will likely remain volatile in the next few weeks with many investors believing that the Fed will stop purchasing Mortgage Backed Securities by the end of March.  If you are closing within the next 60 days, you may be well off to lock-in today's rate and hope for the ability for a float-down later in your process should rates decline.