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Try to time the market, and you'll lose every time. 

Early in my career, I used to let my clients mess around to grab an extra 0.125% in savings when they wanted.  More often than not, they lost 0.125%.  Sometimes more.

We don't mess around these days.

When choosing to lock a mortgage, ignore rate and look at the proposed payment.  Get comfortable with it.   If you're not comfortable with it, change your mortgage product or borrow less money. 

Don't worry about rate -- worry about how the proposed payment fits into your larger financial plan.

Rate is important, too, of course, but it's also the one factor of your mortgage payment that is 100% out of your control.  You can't predict where rates will be tomorrow because the market is uncertain. 

Therefore, focus on payment instead.  Product and loan size are within your control.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.