Should You Wait to Lock Your Mortgage?
If you’re keeping an eye on mortgage rates lately because you know how incredibly low they were just a few weeks back and you’re hoping to see those rates again… good luck.
Of course no one can say with any absolute certainty where rates will be in a day, a week or a month let alone a year or so from now, but the general agreement among experts and wannabe experts alike is that more likely than not, rates are going up from here. In addition, no one that I’ve heard of is really expecting to see the rates of a few weeks ago, such as 4.5%, again any time soon. If at all!
So if you’re on the fence about locking your loan, you probably shouldn’t be. If you have found a house to buy or you’ve determined that a mortgage refinance makes sense for you, playing with floating and locking is really just gambling. Lock it and move on.
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