Interest Rate Lock
The Future of Mortgage Rates

by Chris from Greensburg, Pennsylvania

Ask Kate about my interest rate lock: Kate, Where do you think mortgage rates are going? Should I lock in my FHA loan at 5.75 percent? My wife and I had figured on a lesser rate but do not want to get stuck with a mortgage rate even higher than that. What do you think interest rates will do? What is the lowest FHA rate you know of?

Kate Answers: Interest Rate Lock - The Future of Mortgage Rates

Dear Chris,

All home buyers across the nation have wondered at one time or another about the direction of mortgage rates and how to know when to lock a rate.

  • How do I time my mortgage rate lock?
  • Is there a fee to lock in my rate?
  • Can I break my lock if rates trend downward?
  • What happens if my interest rate lock expires?
  • Who is responsible to pay for a lock extension?
  • Why can't I get my rate lock in writing?

As I've mentioned before, there's nothing that leaves homeowners feeling more vulnerable than locking in mortgage rates. So I'm rarely surprised when asked to predict the direction of rates.

In fact I receive this inquiry so often, I have a prepared statement. A guarantee of sorts. After more than 20 years of originating mortgages, my advice is unchanged.

Interest rates will either - drum roll please - go up, go down or remain unchanged.

Please don't be fooled into thinking I am making light of such a serious subject. Instead I am stressing the fact that no one knows exactly what rates are going to do tomorrow. So go to Kate's Mortgage Rate Lock Guarantee to see why I also say:

If in doubt, lock in your mortgage rate!

You will also want to follow the links at the side of this page leading to surprising facts regarding rate locks. In addition, by visiting Mortgage Rate Lock Q and A, you'll discover solutions based on inquiries from other homeowners.

Best wishes,

Ask Kate at
Ask Kate

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