Lenders that priced aggressively today may consider an eighth reprice for the worse.  Yet others may still owe you a reprice for the better.  So only those most sensitive of deals should consider locking.  We've now seen just how powerful the impact of Fed buying is.  They have not even put a billion dollars in play today yet we are having a dramatic tightener.  The fact that 4.5's are up 10 ticks at 101-11 compared to 10 year tsy's down 26 ticks and 5yrs unchanged bodes very well for this particular magic bullet.  If we slip significantly lower, locks might be considered a little more strongly.  Stay tuned....  So far January is shaping up exactly how we'd like.