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As low as mortgage interest rates have been over the last few years, people have grown far too accustomed to the low numbers. The problem comes when a buyer becomes a little too greedy for that extra eighth of a percentage point and ends up missing out on locking a lower rate. The best bet for someone who is mortgage shopping is this; find the brokers that can offer you the lowest current mortgage rate and lock it in.
A ‘lock' means that you have secured the rate of that day. If rates get better, you can always re-lock your rate for a small fee, but if rates go up and you have not locked, you have no recourse. You want to lock as soon as you find the lowest lender. Even though the current mortgage rate may go down tomorrow, there is just as big a chance that it will go up. Don't get too greedy for that lower rate. Delaying could end up costing you a lot more in the long term if you don't lock in the current mortgage rate.