Is there a proper time to ever lock in a rate?  If you ask me I say absolutely….whenever YOU feel the rate is at its lowest.  As much as I wish we were psychic and could predict where rates were going to be tomorrow, a week or month from now, I unfortunately am just not that gifted (nor is anyone else in our industry).  Gambling is fun, but not when it comes to your home and finances.  The key to locking in your interest rate is doing it and not looking back at what it is the next day, week or month.  Most of the time rates are higher than the time you locked anyway.  It all comes down to comfort.  Are you comfortable with your payment?  If the feeling is that you are getting a good deal, then you are a winner regardless of what rates do after you lock them.  Look at it like this: You go to a grocery store and have coupons for a few items and no coupons for others.  Low and behold a week later most of the items you purchased initially without coupons, now have coupons associated with them.  Do you feel like you could have done better?  Possibly, but the fact remains that you still won on that first trip to the grocery store because you were able to buy at discount for some of your items.  There are always going to be opportunities to save money, it all comes down to timing.  If everyone knew the right time, we would all be millionaires!!  Now back to your mortgage- The bottom line is committing to a lock for your mortgage should be a great feeling.  Knowing that you have a rate that you like and can afford makes you a winner regardless of what rates may do a day, week or months from now!      

D.J. Davenport


Leave a Reply

Your email address will not be published. Required fields are marked *