, Columnist
Longer Mortgage Rate Locks Aren’t Worth Paying Extra
Mortgage rates are inching up again, but extended guarantees typically give homebuyers little additional security for a hefty price.
Buying more rate certainty won’t guarantee savings.
Photographer: Andrew Harrer/Bloomberg
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After seeing mortgage rates spike last year, those now on the hunt for a house are wondering what they can do to limit the damage.
Some optimistic borrowers think rates will be headed down again and want to be able to take advantage of a dip. More pessimistic homebuyers want to ensure they can hang onto the lowest rate possible in case the market heads higher.