Should I lock my rate before April 1. I have heard many changes are coming. Please advise

When thinking about locking in a mortgage interest rate, three things can happen. Rates can go up, rates can go down, or rates can stay the same. On a purchase transaction, I always suggest locking your rate as soon as possible. This is because NO ONE has any realistic clue of what the rates may do in the future, so it is best to just lock. Another way of looking at it is from the gamble standpoint. Locking in my opinion is better two of the three times. If you lock and rates go up. You win. If you lock, and rates stay the same, you win (especially when you factor in the stress of locking versus constantly wondering about rates until you do lock). If you lock and rates go down, you lose. Locking wins 2 out of 3.

All things equal, deciding on locking before or after a certain date should not be your motivating factor.The changes that are coming on April 1st have to do with Loan Officer compensation, and should not impact your decision to lock your rate.Since pricing on interest rates changes every day, and sometimes multiple times during the day, you are talking about timing.Long term, rates are expected to go up - so delaying too long may hurt you. However, having said that, no one has a perfect crystal ball for the short term (or long term for that matter). Stay close to your lender of choice and make sure you are benefiting financially by refinancing. Know your threshhold.