It's the million dollar question in our business. And like all investment decisions hindsight is 20/20.

And while the decision is ultimately the customer's to make, you input and expertise on the subject has a tremendous affect upon that choice or at least it should.

There are few key points that you should always cover with your customer when discussing the lock versus float choice. The first is that history has shown that few people are able to successfully time the market to lock at the absolute lowest rate. This is just trying to time the stock market. Reality is that it can't be done on a consistent basis by anyone.

Another great analogy for your customers is that floating a loan is very similar to playing a slot machine. Most people will start pulling the lever and quite often they will get ahead for a time, but unfortunately most people don't know when to stop playing until they have either hit their self imposed loss limit or they are completely out of money!

Just like the person who floats for a few days and get a 1/8% improvement. Very few of them will be happy with their small gain and human nature tells us that they will "let it ride" until the rate is worse than what they could have locked in the first place.