Should I lock my rate?
Locking your interest rate means your mortgage rate is guaranteed even if market rates change before closing. Most lenders allow you to lock a rate for 30 to 60 days, with the option to extend the rate-lock period for a fee. How do you know whether or not to lock your interest rate? It depends on if you expect rates to rise or fall before you close on your home. No one knows for sure which direction rates will go at a given time, so it’s difficult to make a reliable prediction. It helps to keep track of announcements from the Federal Reserve Board and to talk to your financial advisor about what may happen in the near term. Call us for a custom quote and current market assessment.