Loan rates have been as staccato as the stock market. After the longer process of loan approval, when do you lock the loan rate? Will your 6.5 percent fixed-rate loan go up if you don't lock it today or should you gamble on the hope of a possible tick downward?
There was a time, not long ago, when rate locks were not a part of the conventional loan package. Borrowers had to pay for a lock, in addition to the loan origination fee.