One option buyers have (and those who are refinancing) is to lock in their interest rate (i.e., so your rate does not change even if the rates for your particular mortgage program shift up).

The mortgage company will quote you a particular rate when you first get pre-approved. This rate MAY or MAY NOT ultimately be the best rate, depending on what rates are doing at the time.

Right now it might be prudent to lock in your rate, since they are the best they have been in about 2 years.  But I am not a mortgage professional. So check with YOUR lender to see what they recommend.

A rate lock will usually last up to 45 days (but they vary from program to program), so depending on when closing is scheduled, this may or may not work. Also, if the rates seem to be trending downward, your lender may suggest watching the trends before you pay the fee (if there is one) to lock in.

On the other hand, if rates are expected to go up, or are starting to move in that direction, locking in may get you the best rate NOW and save you some bucks on your monthly payment.

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