TO LOCK or NOT TO LOCK? THAT IS THE QUESTION.
Rates are holding steady, and as this article from Mortgage News Daily states, the best execution rate is 4% or under. In other words, if you are being offered a rate of 4% or under, it is a good decision to lock as rates are trending now. At 4% or 3.875%, there is more of a chance the rate will go up than it will go down, and if it goes down, it will be 1/8 to 1/4 point at most, and there is much more room for it to rise. However, if rates are at 4.125% or higher, it is fairly good risk to float the rate since the benchmark has been around 4%.