Interest Rate Jump

[Jacob P.]

Hi guys,

Relative newbie here. I'm in the middle of purchasing a multi-family home. We're getting close to setting a closing date. I was on the phone with our mortgage originator, and we discussed the recent interest rates jump.

I had assumed that we had some sort of a lock on the rate that was quoted in our GFE, (4.125). But I learned this is not the case. The originator told me that if we were to lock it today, we would be looking at 4.375 to 4.5. However, he suggested that we wait, and seemed to be pretty confident that we would be able to lock it at a lower rate over the next few weeks. This jump would add over $100/month on our loan.

Part of me is worried that rates will just continue to rise. Just wanted to see if any BP members had any input on his strategy or there's anything else I should be thinking of at this time. 

Thanks for any input!