Trying to decide if I should just lock in my mortgage rate now or gamble a bit and hope things dip in the next month or two. Rates have been all over the place lately, and honestly, I’m not sure if I should just play it safe or risk it for a potentially better deal. Anyone else torn between these two options? What would you do in this situation?
Is It Better To Secure A Fixed Rate Now Or Wait And See If Rates Drop?
I’m right in the middle of refinancing myself, and honestly, I’ve been wrestling with the same dilemma. Rates have been bouncing around so much lately that it’s hard to know what’s just noise and what’s an actual trend. I keep reading all these predictions from “experts,” but half of them say rates will drop, and the other half say they’ll go up. Not exactly helpful.
Last time I refinanced (back in 2021), I waited a few weeks hoping for a dip, and it actually worked out—rates dropped by about a quarter point. But this time feels different. There’s so much uncertainty with inflation, the Fed, and everything else going on. I keep thinking about how much peace of mind I’d get from just locking in a rate and being done with it, even if it’s not the absolute lowest possible.
On the other hand, I can’t shake the feeling that if I lock now, rates will magically drop next week and I’ll be kicking myself. It’s almost like flipping a coin at this point. I’ve even tried to time it based on economic reports, but honestly, it’s a gamble either way.
One thing I did notice—my lender offers a “float down” option for a small fee, which lets you lock now but take advantage if rates drop before closing. Not sure if that’s available everywhere, but it might be worth asking about. It’s not perfect, but it takes a bit of the sting out of making the wrong call.
If I had to decide today, I’d probably lean toward locking in, just for the certainty. But I totally get the temptation to wait it out. It’s tough to know what’s right until you’re looking back in hindsight... and by then, it’s too late to change anything.
