Should I Lock-in My Mortgage Loan Rate?

It's unsure how interest rates will move at any given time, but your lender may estimate where interest rates are headed. If interest rates are expected to rise in the near future, consider locking your rate - you don't want to have the rate rise to a level that your income doesn't qualify for the mortgage loan.  If your budget could handle a higher loan payment, you may want to let interest rates "float" for a while to see if they decrease.  In most cases, you must lock your rate 10 days before closing.