Consider When to Lock In a Mortgage Rate

Mortgage interest rates change all the time. Sometimes home loan rates will remain about the same for several days, and sometimes there will be dramatic swings several times in one day. No one can know for sure whether rates will go up, down, or stay constant so it can be difficult to decide when to lock in your mortgage rate.

When you "lock in" you are deciding to select a certain loan program at the rate available at that time, and your lender is committing to deliver your mortgage at that rate assuming your application is approved. Once you are locked in if rates go up you will already have secured your lower rate.

Mortgage Rate Information from American Financial Resources

While no one has a crystal ball that can accurately predict how rates will change, your AFR loan consultant can be a source of helpful information about what affects mortgage interest rates that might help you decide when to lock in. Give us a call at 800-316-9508 to learn more.

Whether you are ready to lock in, want to start the prequalification process while you watch the market, or are just beginning to gather information you can request a quote or get started online.