Should I purchase a rate lock?

[Ruben Reed]

Hello everyone. I need advice on rate locks. I understand the purpose of them, however I don’t feel that they are always necessary. I have a suspicion that my lender is trying to get me to spend more money. He is charging me $2400 for the rate lock. I feel that’s a bit too much, especially since my closing date is May 30th. My interest rate is already high due to my recovering credit score so what am I protecting? I honestly can’t afford to go into my reserves anymore. should I purchase a rate lock or not? Any advice would be appreciated. Thanks