Interest rates are at historical lows today, but no one can say for certain what rates will be at the end of the week, next week or next month. Interest rates can and do rise, so to eliminate a buyer’s risk of market volatility, buyers should consider locking in their interest rate before close.
Rate locking is optional and at the discretion of the buyer. However, I believe it’s prudent to lock in as soon as possible in the loan application process. The home buying process is full of so many moving parts and variables up until the day of close. Solidifying a critical component such as interest rate is just one less thing to worry about.
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