When is the best time to lock an interest rate? I get asked this question often as everyone wants the lowest rate. Interest rates, like stocks, change daily; it is hard to predict whether the rate will go up or down. It is best to see what your payment is at the current rate, and take a look at what the payment would be if the rate increases or decreases by ⅛. Interest rates are quantified by ⅛ s, such as 3 1/8%, 3 1/4%, etc. You will then be able to calculate the risk. Example: if a difference in...