Savvy Homebuyers Master Mortgage Rate Lock vs Float

Factors Influencing Your Decision

Several factors should influence your decision to lock or float your mortgage rate. These include current market conditions, your financial stability, and your risk tolerance. If rates are trending upwards, locking in a rate can protect you from future increases. Conversely, if the market is stable or declining, floating might be a viable option. Additionally, consider your timeline for closing; if you have a flexible closing date, you might have more room to maneuver with a floating rate³.