Mortgage rate lock recommendation: March 6, 2012

Posted by  on Mar 06, 2012

The stock market is plummeting today because of concerns about the global economy, including the European debt crisis and the slowing growth rate in China. While some good news has come out of the U.S. economy recently, there is still a lot of uncertainty because of the brewing conflict between Iran and Israel and rising gas prices.

While mortgage rates are expected to stay generally low over the next several months, they may rise and fall in response to economic news.

Today's mortgage rates, according to HSH.com, average 4.23 percent for a 30-year fixed rate mortgage, a slight drop from yesterday. However, average rates for a 15-year fixed-rate mortgage are up today at 3.51 percent.

If closing in the next 30 days, I would LOCK my rate. Otherwise, I'd FLOAT my rate. This is only an opinion: What I would do if I were closing a mortgage at this time. Your decision may depend on other factors, such as the strength of your loan approval and your tolerance for risk.

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