Floating Your Interest Rate is a Gamble

There is a lot of information available to consumers today about mortgage interest rates. Some sources are more credible than others. Playing the market with locking into a rate is like gambling; you win some and you lose some. Making a decision to float your mortgage rate based on an Internet article or a news report may turn out to be a costly mistake.

Certain market data will indicate which way rates may move over a short period of time however there are no guarantees in volatile times. Rates are quick to adjust upward and sometimes the increase can be significant.

The bottom line: if you are considering locking into a competitive rate don't wait. Holding out for an eighth of a percent better is not worth the risk of losing the rate you could secure today. Rates are at historic lows. Take advantage of them today and feel about your decision.

For more information about mortgage rates and market conditions contact Rebecca Cole.