After being in the loan business for 20 years I came to learn one thing...NEVER lock a rate on a friday! Why? Because rates always came back down by Tuesday of the following week. Unless you could guarantee that you were closing within the next 10 days it made no sense. Rate locks come in periods of 10/15/30/45 and 60 days. The shorter your lock period, the better the rate.
It's different for commercial loans because they don't change their rates on a daily basis like residential mortgage rates do. Commercial loan rates are usually good from the time you apply until the time you close on your loan. Commercial loans are also sold and serviced differently than residential loans so there is not as much fluctuation in that market.
So the next time you talk to your banker/lender/mortgage broker, ask them what their rates are on a friday, then call them on monday or tuesday. You might be surprised at where the rates are.
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