Deciding on the right time to lock in mortgage rates is more of an art than it is a science. The key is to be aware of what is happening with mortgage rates as you get ready to start your search for property and to watch it regularly throughout the process. Don't forget to ask the lender what programs they have, as some may allow the opportunity to take advantage of drops in rate after a lock in.
Locking in your mortgage rate allows buyers protection against fluctuating mortgage rates as you prepare to purchase a new home. It helps make the process more predictable from a financial sense, but picking the right time is important as there are often defined windows of time the lock is good for.
According to a recent article written by the National Association of Realtors, there are some criteria to apply in determining when to lock an interest rate in:
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