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New York

The upshot of locking in mortgage rates

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As mortgage rates waver between the all-time low of 4.78 percent in April and last week’s high of 5.67 percent, mortgage brokers are giving clients the option to lock in rates. While the rates have been bouncing up and down recently, they are currently climbing up, making it a good time to lock in a rate, said Melissa Cohn, president of Manhattan Mortgage. “Inflation is going to kick in and rates are going to go up,” she said. “I’ve heard talk of double-digit rates again.” On the other hand, rates could quickly drop below 5 percent, making it less appealing to lock in a rate now.

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Mortgages