Question:
“I’m buying a home and my lender says he can get me a rate just under 4%. Do you recommend I lock my rate in now or wait to see if rates drop more?”
Answer:
WHAT I WANTED TO SAY:
Why would you lock in your rate now? Just hang on a little longer and I’m sure they’ll pay YOU to borrow their money.
WHAT I DID SAY:
With rates having dropped the past few weeks, lock your loan in ASAP. A fixed rate under 4% is amazingly low.
It’s rather complicated to explain, but there’s a floor to how low rates can go and we’re just above that. But there is no ceiling, so I wouldn’t gamble.
Lock in that loan!
