Should I lock in my 30 Yr. Fixed Mortgage at 4.875% or wait for lower?

I need to refinance because my current 5.125% 3-year fixed rate is expiring in August. Should I roll the dice and wait or lock it in now?

Thanks!

Well if the market goes down, they will buy bonds and rates will drop.

That said I would take 4.875 and not look back personally, if it was no points..plus you can request a float down option which allows you to lock it lower if rates drop during the time you are waiting on the refi.

wait for lower?

how low, can you go?

Well I know for a fact that it's been lower. I just wanted to get a feel for the direction it may be headed.

Wallstreet, thank you! I will look in to that "float down option".

i'm in the industry. What is your loan amount and the estimated value of your property? Credit score is more vital than ever when getting a mortgage. If you don't feel comfortable emailing your information on here you can hit me up a I don't want your business but would give you solid advice.

BOL