WEEKLY RATE TRENDS (Updated 11:00 AM on Friday, 6/18/2010:

Recently, mortgage borrowers benefited falling mortgage rates.   Mortgage rates decreased as unemployment numbers increased, housing starts fell and worries about a possible double dip continued.  With little evidence of inflation, it appears that mortgage rates should remain low for the short-term. 

However, to combat possible volatility, if you are closing within the next 60 days, you may be well off to lock-in today's rate- especially since it is so close to the record low.  Before you lock, check to see that the program allows for a float-down should rates decline while your loan is being processed.  A float-down will protect you from rate increases but also allows you to sometimes benefit with a rate decrease.