Should I lock-in my loan rate?
No one knows for sure how interest rates will move at any given time, but your
lender may be able to give you an estimate of where it thinks mortgage rates
are headed. If interest rates are expected to be volatile in the near future,
you may want to consider locking your interest rate if rising rates will no
longer allow you to qualify for the loan. If your budget can handle a higher
loan payment or if the lender's lock fee seems excessive for your means, you
might want to consider allowing the interest rate to 'float' until the loan