Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
By nailing down your rate, you prevent your mortgage payment from going up due to a rash of rate hikes before your closing. Consider a $300,000 home financed for 30 years at 4%. Just a quarter point (0.25%) rise in interest rates will kick your payments up $44 a month, from $1,432 to $1,476.