General Question

probably's avatar

When to lock in mortgage interest rate?

Asked by probably (7points) April 30th, 2008

I’m building a house in Phoenix and I have the option to lock in my rate anytime from now until 30 days before closing. The house won’t be done for about 6 months. Should I lock in now and not worry about it or wait a few months? Also, anyone have good sites to track 30 year fixed mortgage rates?

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1 Answer

ironhiway's avatar

Lock it in as soon as the fed indicates that it will start to raise interest rates.
I suggest you wait the lenders lower their rates in phases. A little after the Fed lowers then start to raise them, when demand starts to drop off they lower them again. Since the Fed made significant drop in rates the last couple cuts the lenders still have a ways to go before they reach the lowest rate.

This is my opinion based on what I have seen occur since 1994.

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