Having the lowest mortgage rate possible can save you a lot of money. But how do you know when the best time is to lock in your rate when they fluctuate daily—even hourly?

Here are three things to consider before locking in—or not locking in—your mortgage rate:

What is a mortgage rate lock? When you’re already on the house-hunting trail, some lenders, like Global Home Finance, allow you to lock in a mortgage rate for your pre-approval before you make a purchase. Others do not. This exposes you to market volatility if your debt-to-income ratio is tight and the rates go up. With our Lock and Shop program, you’ll be able to keep this rate the same for 30 to 60 days while you find your new home. In a market as wild as today’s, this can prove to be a money-saver if rates climb during the lock in period.

How do I know when to lock in my rate? This year, mortgage rates have crept into the 6% range due to inflation, a strong housing market, and other volatilities in the economy. So predicting when (or if) rates will fall can be tricky. But that doesn’t mean you’re out of luck. Navigate the ups and downs of interest rates by discussing your options with the mortgage professionals at Global Home Finance, who have the knowledge and experience to help you.

What if rates go down after I’ve locked in? With our conventional, FHA, VA and USDA loans, we give you the option to float down your rate. If the market improves significantly, this means you can reduce your mortgage rate even after it’s been locked in. While this is a great money-saving opportunity, it can come with a price. If you aren’t using Global Home Finance, make sure you have this option written into your contract before you sign—and look at the fine print. Remember: most lenders won’t tell you when rates have gone down, so keep an eye on the market.

With this knowledge, navigating the world of ever-changing mortgage rates is a little less scary. When working with a licensed mortgage loan officer at Global Home Finance, shopping for loans can be the difference between being a homeowner and a renter for the rest of your life. Is it time for you to get pre-approved?