At the height of the housing market, many loans came with low starting interest rates, around 5.5%-6.5%, so borrowers generally did not request to have their rates locked in as the market seemed relatively stable. However, today´s market is very turbulent and the rates seem to be climbing upwards. On Thursday, Freddie Mac reported that the average rate for 30 year fixed loans had went up from under 6% in May to about 6.52%. According to a panel of analysts that give surveys with Bankrate.com, rates should increase in the next six weeks. Others have predicted that the rates could skyrocket to 7% at the end of the year. Rates have been rising due to concern about inflation and also investors are wanting higher rates for their bonds, which means a higher rate for borrowers.

If a good deal appears there is no way to tell how long it will be on the market or if another will replace it. If a good deal is seen, it would probably be a good idea to jump on it. Steve Habetz, a mortgage broker in CT, remarked that "If you hear of a rate that seems to be much better than the rest of market, get it in writing and lock it in,". He also said that locking in a rate is relatively simple and has a low cost of somewhere near 1/8 of an extra point. If you have a contract or binder on the home, ask the mortgage broker for a written commitment. Most locks are available for up to 60 days.

One of the senior financial analysts for Bankrate.com, Greg McBride, made a very smart statement, "There are times in your financial life when you should be aggressive and there are times when you should be conservative,...When you're buying a house and looking at mortgage rates, that's a time to be conservative."