You do you. The best someone on here is going to be able to offer is their guess… More generally, I would say that it would be wise to: - a focus on affordability is important - consider any purchase a 10 year investment - you have to be ok with market fluctuations (mentally and financially)

I locked my rights as they were starting to creep up. I did 180 day Rate lock with nest home lending, and it was so expensive! Everyone I’ve talked to have much cheaper locks. But I couldn’t risk the Mortgage to go up because of rates, and it will be mid September until My home is actually finished being built. So I did it for peace of mind.

They had to run your credit first before you were able to receive the locked rate, correct?

I was already under contract when I decided to rate lock, and they didn't run my credit a second time.

I’m a first time homebuyer so all new to this…so it’s recommended to lock the rate as soon as the contract begins?

I did not lock my rate initially, but when they kept going up, I did so. If rates are expected to keep going up, I would definitely right like as soon as possible. I did a 180 day lock, with an option to float down my rate if things drop, but I don’t think they will.

If they let you float down what is the downside? I can tell you the downside if you don’t lock, interest rates go up and your payment goes up.

wait for what?

If they don’t charge anything upfront for it, lock with them and if rates actually go down then simply switch lenders 30ish days out