Should we lock this week?

Absolutely.. when the market improves, rates get better VERY SLOWLY.. but when things go bad, they go bad quickly.. If your within 30 days of closing and your happy with the rate, then lock.. 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

You didn't indicate when you are closing. Deciding when to lock in is always a big unknown. Our corporate projections are that rates are likely to improve at some point but there is never a guarantee which is why we offer a free, one-time float down so you get the security of knowing the rate won't get worse and if they get better it can be adjusted once as long as you are within 20 days of closing. It is a GREAT feature PrimeLending offers! If you are not 100% committed to your lender I can help: pdumouchel@primelending.com. Otherwise, you might check out www.mbsquoteline.com and start reading... Generally, what is good for the stock market is not good for mortgage rates, but it does not always work that way. pdumouchel@primelending.com

That will depend on when you are closing. Interest rates can fluctuate up or down throughout the day. If you are within a 30 day window of closing you should really consider locking. Review with your loan officer what rates are doing and if he/she feels its a good time to lock based on how the market is doing . Ultimately it is up to you. When you wait you risk the chance of a lower rate, but you also risk the chance of the rates increasing if you don't wait. Best wishes, Sean

More information would be needed.

My opinion? YES. There is very little room for any downward rate gain, and huge room for upward rate loss. Are you willing to gamble maybe a .125% lower of rates in exchange for unlimited possible increase in rates? www.SaintPaulMortgageBroker.com