Will rates they go back down to pre-election rates eventually? Should I lock now instead of waiting?

Unfortunately, it's a gamble either way. There is no way to predict what will happen.Josh LundBranch Manager - Gold Star Mortgage

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While officially no one knows, all indicators are the current rates are probably the best you'll see for some time. Essentially stocks are soaring as businesses feel good over the direction of the country with the Trump election. When stocks are good, mortgage rates suffer. I would anticipate rates will continue to slowly climb, and stall around the 4.50% range for a 30-yr fixed conventional by mid January. If you are going to do something, I'd act today. For loans in MN, Wi, and SD, visit me at www.JoeMetzler.com

Never truly predictable beyond educated guessing...sometimes we can "best guess" predict rate trends based on the likelihood of certain economic factors continuing and thus allowing for unexpected market conditions to cause dips in the rates or increases. Certainly now many people just hope we do not climb further in rates and just allow for the usual small dips or increases over the short term from where we are now. On the other hand, some unforeseen market factor in the world economy could cause movement to bring us back to where we were at the start of November...perhaps half a point in rate better, on average. I wholeheartedly recommend to anyone already being able to save money to make it worthwhile to refinance now take the best they can get in floating the rate in December as dips in the rate beyond that are not foreseen by most anyone...though it could happen as we all would wish for. As for purchasing a home I would hope rates stay reasonably low for sometime to come and for the home buyer getting the right home at the right price is their primary focus.