The decision is up to you entirely. In making your decision, consider this question: If you gamble and rates go up to 6.5% would you still be able to afford the home? If not then lock in right away. If you can afford to take the gamble then ask yourself this question too: Which would upset you more - if you locked in today and rates went to 5.5% this week or if you didnt lock in and they went to 6.5%? Make your decision based on that.

Just my opinion: It's a lot easier to go back and renegotiate or even refinance later if rates come down, but if they go up what's gone is gone
Good luck
Tony

Hi Kimberly-
I never like to "tell" anyone when to lock their loan only to give them the best advise possible. As you might have seen, rates have jumped up drastically over the past few weeks - with little information coming out as to their liklihood of a decline. Also, you run the risk of testing the market for the "possibility" that rates could drop maybe .25% over the next couple of weeks. However, on the flipside, you run the risk that rates could continue their upswing at the same pace that they have been over the past few weeks. At that rate, your worst case scenario could be a rate between 6.5% and 7.0% (again, worst case). So my advice would be to consider the available information and make the best decision you can. If you don't lock, your overall odds of saving on the rate are a lot lower than the odds of your rate either not changing at all or increasing.

I would advise you to lock and not look back. I hope that helps. I don't want you to have any regrets. Good Luck!