$1300 Fee to lock-in 3.875 Fixed Interest Rate (6 month lock)2018

[Varun Parkash]

Hi Guys, one of the banks is charging $1300 fee to do a 6-month rate lock-in at 3.875% interest rate - fixed 30 years.

Would you advice paying for it or taking the risk and wait till summers next year to not pay this fee and get the same or lower rates in Summer 2018?

[Michael Masters]

You don’t mention size of loan, fees, or points. These all help determine how good the deal is. However $1300 seems decent. Rates are expected to go up after this fed meeting and twice more next year.