According to the Freddie Mac Primary Mortgage Market Survey mortgage rates are up for the 2nd week in a row.

October 28, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.23 % 3.66 % 3.41 % 3.30 %
Fees & Points 0.8 0.7 0.6 0.7

Last week the 30 year rate was sitting at 4.21%. The 15 year was 3.64, and once again while the 30 and 15 year fixed raise the 5/1 AMR dipped once more from 3.45% last week to 3.41% this week.

Should you lock if you have the chance?

I was visiting an old loan officer friend of mine and I overheard him on the phone talking to a client.  He said to them, “I wouldn’t lock yet as rates are up and you may have the opportunity to lock at a lower rate.”

Should you follow this advice as well?  Absolutely NOT.

Your situation is going to be much different than others.  You need to be sure you have a professional loan officer whom you can count on to give you sound advice for your loan in particular.

Now with that said rates are extremely low right now and if you have the chance to lock in a new rate in the low 4 or high 3 percentage range I say look into it.

If you want to crunch some numbers for your new home loan try our home loan calculator.

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