When should you lock in your rates with a conventional loan?
Interest rates can change daily because the economy and the mortgage market influence them. Ideally, you’d want to lock in a rate on a conventional loan—or any loan—when interest rates are at their lowest. But even for experts, this can be hard to predict.
If you’re buying a home, the best time to lock your rate is when the seller has accepted your offer, and you find a rate you like. If you’re refinancing a mortgage, you can lock your rate as soon as you’ve applied for the refinance.
When you lock a rate with Better Mortgage, you lock in the entire rate table for that day, not just one specific rate. This gives you the flexibility to change your mind, even after you lock. Your Better Mortgage Home Advisor can talk you through your choices, and so long as you close your loan before the rate lock expires, any increase in rates won’t affect you.