Should you lock your rate now or ride the wave with interest rates don’t wait it could cost you your hard earned $$$$
Any guess with this is just opinion but look at the economy and watch the trend. This is always a hard question to answer when people ask me should I lock my rate. Here is an easy explanation with the numbers which I hope helps.
A second month of good new construction reports and economic forecasts the Interest rates are up to 6.23% the highest in nine weeks for a 30 yr. fixed from 6.21% according to Freddie Mac. This improving performance means that the Federal Reserve will be less likely to cut interest rates any time soon. 15 year rates are at 5.98% from 5.96%, and 5 year adjustable rates are up just a bit from 6.03% to 6.04%, and one year arms rose to 5.51% from 5.44%