If anyone is in tune with the home lending industry...
I am closing on some land at the end of this month. While finalizing the loan package, I have the option to lock in the current interest rate, or float it until closing.
Should I lock in the interest rate today, planning that the rate will go up? Are rates headed down, should I wait 20 more days and try to get a lower rate? Please advise.
Loan details:
- 2 year ARM
- 20 year term
- local lending organization (read money stays local)
- Not currently fantastic rate, but acceptable
- Planning on building a house on the land within the next 24 months, so the land mortgage + construction loan will be rolled into a 30 year fixed mortgage.
While I could shop around for the absolute best rate, I am sticking with this lender for many other reasons.
Thanks for your free advice.