How do I know if it’s best to lock in my interest rate or let it float?

Mortgage rates are as hard to predict as the stock market, and nobody truly knows whether they'll go up or down.

If you believe rates are trending up, you'll want to consider locking your rate as soon as possible. Locking assures that your rate won't change, no matter what the rates do after you're locked in.

Before locking in a rate make sure your loan can close within the lock-in period. If you're purchasing a home, review your contract for the estimated closing date to help you determine the best period.

If you believe rates may drop while your loan is being processed, you can let your rate "float." Then, you may lock in you rate at any time (up to five days prior to your closing).