Should You Lock in a Mortgage Rate This September? What Experts Recommend
Mortgage rates are hovering near 7%, leaving many homebuyers and refinancers wondering whether now is the time to lock in. Here’s what industry professionals say about securing a rate this September — and when waiting could work in your favor.
Mortgage rates today: high but not extreme
Mortgage rates have lingered between 6.5% and 7% throughout the summer. While this feels steep compared to the historically low pandemic-era rates, experts note that today’s levels are not unusually high in a broader context.
“Rates only feel extreme because we’re coming off of record lows that many assumed would last forever,” explains Jim Breeze, senior vice president of mortgage product development at PNC Bank.
Still, the Federal Reserve is expected to deliver its first rate cut this fall, sparking hopes that mortgage rates could ease in the months ahead. That leaves borrowers with a tricky decision: lock now, or wait and hope for better affordability later?
When locking in a rate makes sense
According to experts, securing a rate this September could be the smarter move if you’re in one of these situations:
- You’re already under contract. Locking guarantees your closing isn’t derailed by sudden rate spikes.
- You’re refinancing above 7%. Even a half-point reduction can deliver meaningful long-term savings, Breeze says.
- You have variable income. For self-employed borrowers, rate volatility can disqualify loans mid-process. Locking ensures stability.
“Secure what you qualify for today,” advises Steven Glick, director of mortgage sales at HomeAbroad. “You can always refinance later if rates improve.”
When waiting could pay off
If you’re not on a tight timeline, patience might reward you with lower borrowing costs:
- You’re casually house hunting. “Markets are pricing in a September Fed cut,” says Glick. “If it triggers a bigger drop, we could see rates slip under 6.5%.”
- You already have a mid-6% mortgage. Breeze notes the monthly savings from refinancing now may not justify the costs.
- You’re working on your credit. Raising your score above 740 could qualify you for a better rate tier.
Smart strategies for navigating September’s market
Experts recommend balancing rate decisions with your broader financial picture. Here are a few steps to consider:
- Know your “strike rate.” Work with your lender to define the rate at which refinancing or buying makes sense for you.
- Understand lock periods. Most last 30–60 days, but extensions can add 0.125%–0.25% of your loan amount.
- Ask about float-downs. Some lenders allow you to relock at a lower rate if markets drop during your lock period.
- Look beyond rates. Home prices, credit health, inventory, and your emergency savings matter just as much as interest rates.
The bottom line
While mortgage rates may dip later this year, there are no guarantees. Debbie Calixto, sales manager at loanDepot, warns that waiting too long can mean missing out on equity growth and budget certainty.
Instead of chasing the “perfect” bottom, focus on whether today’s rate works for your budget and goals. Preparation and flexibility will help you act quickly when the right opportunity arises.