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Rate lock advice:
Current mortgage rate trends are headed higher and unless you have more than 30 days to close your loan I suggest you lock your rate immediately. Rates are starting the day worse than yesterdays close.
Why
The Fed makes decisions that can impact whether mortgage rates increase or decrease. Right now the Fed is split on when would be the right time to start raising the Federal Funds rate (This rate is different than mortgage rates) which would signal the beginning of the end of Federal help for banks.
Once the Fed is done helping they will have to do a balancing act of helping to keep the economy growing and simultaneously keeping inflation in check. These two items will cause mortgage rates to increase or decrease. Based on popular belief, mortgage rates are headed higher.
Current mortgage rate trends can change if investors buy or sell mortgage bonds (mortgage bonds are mortgage loans that are bundled and sold to investors on the bond market) The odds are stacked against you if you are waiting to see if mortgage rates will improve. If you have more than 30 days to close your loan you have a decent chance of getting a better rate by waiting but I suggest you do this cautiously by being prepared to lock your interest rate at a moments notice.
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