Should I lock my rate now or wait?
I am in the process of buying a home in Oklahoma with an expected close date of Jan 31, 2008. My lender is working on the final approval and I have been told we should be able to lock our rate very soon. My good faith estimate currently is 6.059% on 30 year loan with $ 900 mortgage origination fee. My lender has said that because I am self-employed that this is a very good rate. My question is should we wait till the last minute to lock or lock now? It looks like the trend is downward on interest rates the past several months with a few bumps upward occasionally so I am hesitant to lock too soon. What should I do?