Is rate lock wise in today's market?

A look at the practice born in the '80s

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.