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Is lock in my rate worth it?

In some cases, that can be easily justified. For borrowers of construction loans, for instance, paying for an eight-month rate lock might save them money in the long run, especially as interest rates rise. In other cases, it might not be worthwhile.

What does locking in rates mean?

Locking your interest rate means the rate will stay the same from the time of the rate lock until the rate lock expiration date, regardless of changing market conditions. Your final interest rate may be higher or lower than what was initially quoted to you if there are changes before your loan closes.

What are rate lock options?

What is an Index Lock? Index Lock gives existing borrowers the opportunity to lock the most volatile part of the coupon (the Treasury index) any time after a signed application has been delivered to Freddie Mac.

What is a downside of a rate lock to the borrower?

A downside, for the borrower, is a mortgage rate lock would prevent them from taking advantage of lower rates that may occur during the lock period. Conversely the lender cannot take advantage of rises in interest rates. Some borrowers walk away from the agreement if interest rates fall.

What is the Freddie Mac early rate lock?

ERL allows the borrower to lock the full note rate months before closing, with limited preliminary requirements. Full due diligence is provided after ERL and some aspects of the transaction can be modified, as needed, to provide flexibility.