{"id":90071,"date":"2026-07-22T19:03:51","date_gmt":"2026-07-22T19:03:51","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/should-you-lock-a-mortgage-rate-before-the-july-fed-meeting-pros-and-cons-to-consider-now\/"},"modified":"2026-07-22T19:03:51","modified_gmt":"2026-07-22T19:03:51","slug":"should-you-lock-a-mortgage-rate-before-the-july-fed-meeting-pros-and-cons-to-consider-now","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/should-you-lock-a-mortgage-rate-before-the-july-fed-meeting-pros-and-cons-to-consider-now\/","title":{"rendered":"Should you lock a mortgage rate before the July Fed meeting? Pros and cons to consider now"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content \"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/07\/22\/c8aae315-bb1d-4b3b-9821-dd56375efcb9\/thumbnail\/620x414\/a0c6e583b18147237facfc2ddef2a4ee\/gettyimages-2266159385.jpg#\" alt=\"gettyimages-2266159385.jpg \" height=\"414\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/07\/22\/c8aae315-bb1d-4b3b-9821-dd56375efcb9\/thumbnail\/620x414\/a0c6e583b18147237facfc2ddef2a4ee\/gettyimages-2266159385.jpg 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2026\/07\/22\/c8aae315-bb1d-4b3b-9821-dd56375efcb9\/thumbnail\/1240x828\/acac4b2b1d414429e38f96a79eaa5911\/gettyimages-2266159385.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">A mortgage rate lock before this month&#8217;s Federal Reserve meeting could make sense for some borrowers.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Olga Yastremska\/Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>The next Federal Reserve meeting is just days away from starting and millions of borrowers are eagerly awaiting the results of the two-day conference. While the central bank is widely expected to keep the federal funds rate on pause for another month, comments made in the press conference after the meeting could give some insight into what can happen in the interest rate climate later this year. That insight will be especially helpful for homebuyers and homeowners hoping to refinance.\u00a0<\/p>\n<p>After some borrowers saw some relief in this space in 2025, <a href=\"https:\/\/www.cbsnews.com\/news\/how-far-mortgage-rates-have-dropped-in-2025-how-much-further-they-can-fall\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">mortgage rates<\/a> rose sharply this spring following a spike in overseas conflicts and a rising inflation rate. And that came even with the Fed holding rates steady. Should the bank discuss a possible rate hike for later in 2026 or even simply keep higher rates on pause for longer, <a href=\"https:\/\/www.cbsnews.com\/news\/what-are-todays-mortgage-and-mortgage-refinance-interest-rates\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">mortgage rates<\/a> could rise as a result.<\/p>\n<p>This leads to inevitable questions for borrowers. Should they consider <a href=\"https:\/\/www.cbsnews.com\/news\/benefits-mortgage-interest-rate-lock-march-2026\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">locking in<\/a> one of today&#8217;s imperfect mortgage rates now? Or should they delay their buying and refinancing plans even further to wait for a better rate that may not materialize any time soon? The answers aren&#8217;t clear, as there are pros and cons to locking in a mortgage rate right now, before the July Fed meeting commences. Below, we&#8217;ll break down four specific ones to evaluate before making a decision.<\/p>\n<p><a href=\"https:\/\/www.myfinance.com\/reporting\/32342362\/?utm_campaign=cbs-mtgpurch-link&amp;sub_id=www.cbsnews.com\/news\/should-you-lock-mortgage-rate-before-july-fed-meeting-pros-cons\" target=\"_blank\" rel=\"sponsored, noopener\">Start by seeing how low of a mortgage rate you could lock in here<\/a>.<\/p>\n<h2><strong>Pros and cons to locking a mortgage rate before the July Fed meeting<\/strong><\/h2>\n<p>A mortgage rate lock before the Fed meeting kicks off on July 28 could be an advantageous move to make for some borrowers but not for others. Here are the timely pros and cons associated with a rate lock to consider right now:<\/p>\n<h3><strong>Pro: You can budget with certainty and proceed with your plans<\/strong><\/h3>\n<p>The average 30-year mortgage purchase rate is 6.75% according to <a href=\"https:\/\/www.zillow.com\/homeloans\/mortgage-rates\/\" target=\"_blank\" rel=\"noopener\">Zillow<\/a> and it is 7.20% for a 30-year <a href=\"https:\/\/www.zillow.com\/refinance\/\" target=\"_blank\" rel=\"noopener\">refinance<\/a> term. Those are not ideal rates, particularly compared to what was available in the recent past.\u00a0<\/p>\n<p>But by locking one in now, you&#8217;ll be able to budget with certainty knowing exactly what your payments will look like \u2013 not what they could be if and when rates change again. This will allow you to proceed with your home buying or refinancing plans as intended, even if the costs here are more inflated than you would prefer.\u00a0<\/p>\n<p><a href=\"https:\/\/www.myfinance.com\/reporting\/32342362\/?utm_campaign=cbs-mtgpurch-link&amp;sub_id=www.cbsnews.com\/news\/should-you-lock-mortgage-rate-before-july-fed-meeting-pros-cons\" target=\"_blank\" rel=\"sponsored, noopener\">Learn more about your mortgage options online today<\/a>.<\/p>\n<h3><strong>Con: You&#8217;ll be locked into a rate higher than what was available earlier in 2026<\/strong><\/h3>\n<p>It wasn&#8217;t that long ago that you had <a href=\"https:\/\/www.cbsnews.com\/news\/mortgage-rate-options-under-6-to-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">multiple mortgage rate options under 6%<\/a> to choose from. In December, for example, you may have been able to find a 30-year mortgage purchase rate at just 5.99%. Or, at the same time, you may have been able to refinance into a 15-year term with a rate of 5.56%.\u00a0<\/p>\n<p>Those offers are long gone now, however, making a rate lock your least bad option. That said, a lock could still be advantageous if you tack on <a href=\"https:\/\/www.cbsnews.com\/news\/how-much-can-you-save-by-buying-mortgage-points\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">mortgage points<\/a>, which will help you secure a below-average rate, even if it&#8217;s not quite as low as what you would have secured without that fee in late 2025.<\/p>\n<h3><strong>Pro: This could be the lower option compared to what&#8217;s available later on<\/strong><\/h3>\n<p>The Fed may keep interest rates frozen again this month, but there&#8217;s no guarantee that they will maintain that position into the fall. The chances of an interest rate hike in September, when the bank meets again, sit around 75% now according to the <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" target=\"_blank\" rel=\"noopener\">CME Group&#8217;s FedWatch<\/a> tool and they vary significantly for when the bank meets after that in October.\u00a0<\/p>\n<p>In other words, today&#8217;s imperfect mortgage purchase and refinance rates could easily represent the lower options compared to what borrowers will be presented with if they wait to take action later this year.<\/p>\n<h3><strong>Con: Refinancing to a lower rate will come with a cost<\/strong><\/h3>\n<p>It can be tempting to lock in one of today&#8217;s imperfect purchase or refinance rates now with the understanding that you&#8217;ll simply refinance it to a better one when the rate climate cools again. But remember that refinancing will come with a cost. You&#8217;ll need to pay <a href=\"https:\/\/www.cbsnews.com\/news\/refinance-mortgage-closing-costs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">closing costs<\/a> to complete a new loan.\u00a0<\/p>\n<p>And, depending on the term, you may wind up actually extending your payoff timeline, negating some of the savings you&#8217;ll get with a lower rate. In other words, don&#8217;t simply lock in a rate now on the assumption that refinancing in the future will be simple or cost-free as it won&#8217;t.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>A mortgage rate lock prior to this month&#8217;s Fed meeting could be especially advantageous for some borrowers and detrimental for others. There is no universal approach that all borrowers should take. Instead, the decision to proceed with a rate lock now will depend on the aforementioned pros and cons, your unique financial situation and goals and your interpretation of market conditions and where they could be heading after the July Fed meeting. Consider, too, speaking with lenders directly as they can outline your options and potentially offer rates and terms that aren&#8217;t always neatly presented on their websites.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/angelica-leicht\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Angelica  Leicht<\/a>\n                      <\/p>\n<\/section>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/should-you-lock-mortgage-rate-before-july-fed-meeting-pros-cons\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A mortgage rate lock before this month&#8217;s Federal Reserve meeting could make sense for some borrowers. Olga Yastremska\/Getty Images The<\/p>\n","protected":false},"author":1,"featured_media":90072,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-90071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should you lock a mortgage rate before the July Fed meeting? Pros and cons to consider now - World News<\/title>\n<meta name=\"description\" content=\"There are major pros and cons associated with a mortgage interest rate lock to know now. 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