Are rates supposed to go up?

Yes.. we all expect rates to go up, but what's your time frame? Have you already applied? If so, then you should lock in as soon as possible.. the likelihood of rates going up is far greater than them coming down.. Also, when rates improve, it gets better in very small increments over a long period of time.. usually several months.. but when the market declines, it goes fast over a short period of time and in much larger chunks.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

For prospective home buyers it is possible to lock n shop before you have actually found a house. In the past year rates have moved slowly enough that most foundit safe enough to wait until they located a house and got an accepted offer. It is good to know you can lock while looking when faced with the prospect of rates continuing to rise in the immediate future or six months from now. For a refinance now is a perfectly good time to get a loan in and lock in a rate! Rates are going to rise but it is difficult to know how soon right now.