Locking a rate can protect you if rates rise before closing. Floating can help if rates fall, but it also leaves you exposed to increases.
Reasons to lock
You are close to closing, the payment already fits your budget, or a higher rate would make the loan uncomfortable.
Reasons someone might float
You have time before closing, can handle some movement, and your lender explains the risks clearly.
Questions to ask your lender
Ask about lock length, extension fees, float-down options, points, deadlines, and what happens if your closing date changes.
Mortgage Rate Surfer can show the trend, but your lender should explain your actual lock options, deadlines, and costs.
Mortgage Rate Surfer provides educational mortgage-rate information using public data sources. Rates shown are national averages and are not loan offers. Actual rates vary by lender, borrower profile, credit score, loan amount, property type, points, and market conditions.
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