Interest rates have been low and with 17 days to close, I would suggest to lock in your rate right away. A good lender would give you proper direction according to the terms of your contract. Because it does cost to lock it in they want to assure that the transaction will close within the necessary times period. Hope this helps and that you have a successful closing! USDA loans are great and I wish more homebuyers would utilize them.
Understand this costs money and it makes it a pain the rear because the longer the lock the higher the cost. So of course lenders will be calling claiming to have cheaper money quoting off of a 5 day lock/
It would be best to ask your Loan Officer for the proper advice... He or she should be able to provide some direction, however the ultimate choice to lock is yours... Have a Thriving Thursday! Your Friend & Realtor, Henry Brooks 209-814-0119
First, here's a primer on how Mortgage rates are determined (read this first):
Timing a rate lock is always a difficult decision to time even when we are in a normal market - right now, we're in a hyper-phobic market revolving around whether the US economy is getting back its legs, or not.
Given your "In contract" status I would lock ASAP (unless your loan Broker/Banker is trying do a 15-day lock ... just feel fortunate - you are buying when rates are still at historic lows!
Just make sure you close escrow before the end of the year because there are some potentially significant changes that could affect Buyers, and subsequently, Sellers.
"The Top 4 Challenges Buyers & Sellers will face in 2014!"