Should I purchase a rate lock?

[Ruben Reed]

Hello everyone. I need advice on rate locks. I have a suspicion that my lender is trying to get me to spend more money. I understand the purpose of rate locks but I don’t feel they’re always necessary. I’m due to close on my property on May 30th. I’ve already been approved. All of my documentation has been accepted. I’m just waiting for the appraisal. My lender is charging me $2400 for the rate lock. I feel that’s a bit costly. My interest rate is already high due to my recovering credit so what am I protecting? I know the market rate changes daily but my closing is coming up soon. Should I spend this amount of money on a rate lock or not?