This is a really good question and one that nobody, including your lender, would be able to give you a definitive answer to. Mortgage rates are based on what the market as a whole is doing.
In the typical day-to-day operations of the market, fluctuation is normal. And since this fluctuation is expected, nobody can predict what it will do from one day to the next.
In nontypical times, such as when major events happen, both here and in other parts of the world, they can impact our economy and, hence, mortgage rates.
Tying this information into the original question of when you should lock in your mortgage rate, the answer typically is at the end of the process, meaning when you are close to your closing date.
In fact, many lenders will allow you to lock in an interest rate only after they have approved all of your documentation and have seen a completed appraisal on the property. So why is this?
Because it costs lenders money to set aside funds that they intend to lend to a buyer. If they lock your rate too soon and there are challenges down the road that cause the deal to either stall or end completely, they will still incur these costs.
Things that cause this to happen include problems with the accuracy of information that the buyer provided or issues with the property itself or even the seller.
I’m here to help, and I’m just a call or email away. Please let me know if I can answer any questions you have about locking in your interest rate and how any of this works.