Hello everyone. I need advice on rate locks. I understand the purpose of them, however I don’t feel that they are always necessary. I have a suspicion that my lender is trying to get me to spend more money. He is charging me $2400 for the rate lock. I feel that’s a bit too much, especially since my closing date is May 30th. My interest rate is already high due to my recovering credit score so what am I protecting? I honestly can’t afford to go into my reserves anymore. should I purchase a rate lock or not? Any advice would be appreciated. Thanks 

I wouldn't pay for a rate lock. What are they charging?

$2400

I see a very small chance that rates go up in the next 2 weeks. I would take my chances and save the money