Due to the current economic climate there are some people waiting around for the best possible time to lock in the lowest interest rate on their mortgage and land a fixed thirty-year loan at an all time low interest rate. The markets that determine the amount of interest that the Federal Reserve will set have been so volatile that knowing exactly when the best time to fix a mortgage rate will be has become totally unpredictable.

Even the financial experts are uncertain as to where the stock market will go from one day to the next and the roller coaster markets have been rising and dropping regularly enough that no one can predict the outcome of the interest rates that are linked to the fluctuating markets.

In speaking to mortgage officers that track the daily bond and stock markets and analyze the movements of the financial world it is reported that it is better to lock in a rate now from a conventional FHA or VA home loan than to speculate over the possibility of interest rates dipping even lower and saving a tenth of a percentage point or two on the speculation of an unpredictable economy.

While people are anticipating whether they can save an extra dollar or two a month on their mortgages some have already missed out on rates that hit 4.25 percent before rebounding up to 5.5 percent. While the consensus is to lock in at the best rate possible on a refinancing option the best time to pull the trigger is now. Hesitation will only lead to discouragement and even at 5.75 percent the interest on mortgages has been far, far higher in days that are past.