When interest rates begin to go up on mortgages, having your rate locked in can really protect you until closing.
The average rate on a 30-year fixed rate mortgage has risen almost 1% in the past year. While the rise has been mostly gradual, many home buyers can't risk having their rate go up any between the application and closing on a home. They are already stretched as far as they can go to get into the home.
When you don't lock in your rate, it is f...
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