You may lock your mortgage rates for many reasons. The most important of it is to get a great deal when it comes to paying interest. Unlike locked rates, adjustable rate mortgages were dependent on the market fluctuation. If you lock your mortgage rate you would not suffer paying a high interest if you've reached the
deadline and the market prices suddenly soar.
Locking your mortgage interest rate on a long term basis would play a big role on your expenses. You can get the lower rate after you have locked for a particular period of time, but when the mortgage rates reach a high, you will not be able to take advantage of that. However you can be sure to get a good deal if you close on a perfect timing.
