Should I lock my rate?

I would lock now to be safe. I have several banks that we use so can always relock if rates improve but locking in something now would gaurantee you are covered in the event rates get slightly worse. Email me at jason@areahomelending.com and I can also send you some info on what rates are doing and keep you updated. Thanks so much, Jason Guerin

Interest rates change with the current market conditions - so if your comfortable with where the rate is now I would suggest locking it in. Some lenders will allow for a re-lock in the event the rates do drop --- but this is rare. Like Jason mentions if your working with a broker who has several lenders they can shop the loan around if the rates drop again... I'm a Louisiana breoker and I would love to help if you don't already have a broker involved in the process!

Congratulations on your purchase ! All of the answers previous to mine are excellent. I would suggest weighing your options. If the rate you can lock now makes this new mortgage affordable and you are thrilled to get that rate- Lock it in. However, If your finances are such that you could afford the risk of a rate increase but could hang in and see if you can get the better/lower rate- you could hold off. Keep an eye on the market. I would go to Yahoo Finance and select the TNX selection and monitor it's movements. The interest rates that we are using are a direct result of this 10 year treasury bond. When it is down the rates are down. You can look at its past performance in relation to its current activity and make an educated decision on what is best for you, your family and your finances.Thank you for the opportunity to give my 2 cents. If you should need anything further please contact me.Craig S. Spauldingtogabroker2@yahoo.com