Is a rate lock for a refinance worth it?

[Jacob Poyar]

I am in the process of refinancing a property and I am happy with the rate I have been given. To lock my rate would cost roughly $1500. Given the market right now and a good chance of rising interest rates would you recommend paying for the rate lock?

[Riaz Gillani]

Possibly a bit nuanced of an answer, but would a quarter rate increase cause you to lose sleep OR greatly diminish your ROI? What about a half point? 

I also think Brad was implying that you can conceptually view paying for the rate lock as a "buy-down" and if your time horizon is greater than 5-6 years ... you'll be reimbursed and eventually earn savings (without accounting for inflation). And I agree. Without knowing loan amount, amo, etc.