Lock now or Float?

I'm one of the many who could not lock in their rates until after the rates began their impression of an ICBM.  My closing is scheduled for 1 Aug, but the seller is willing to slide that back two weeks if it helps with financing. My LO and I are in contact every day and initially she recommend we hold off on locking 60 days out due to volitility in the rates - at 45 she didn't quite know what to do. Next week I'll be 30 days out of the earliest I can lock and am not sure if I should jump on whatever the rate is that day or continue to float and see how things pan out in July. I'm looking for a 30yr-Fixed VA....  Any suggestions?

It all depends on your risk tolerance. BUT you are doing a VA loan so if rates go down after you close you can take advantage of the IRRL and drop you rate. Hope this helps a little! Thank you for your service!

Thank you Gary for your quick reply and I appreciate the recognition.  I can tolerate some risk, and I'm not trying to be greedy in holding out for sub 5's again, but I'm hesitant to lock in at 5.5% if there's a chance the rates might drop between now and mid-July to a level where my monthly payment is a little easier.   Admittedly, I'm still getting up to speed on what affects the rates and am trying to understand the potential impact of upcoming events - such as the scheduled 24 Jun meeting of the Fed and the auction of bonds this week.  Is the feeling on the street that these events will spark a drop in rates?

What is IRRL? I am doing a VA as well.

I feel your pain.  I finally gave up and locked in at 5.75% today.  Much higher than the 4.875 when I filled out the loan papers.  Took two weeks to find a property and get an accepted contract to my lender.  At that time it was at 5.25, another lender told me "ride it out, rates can't stay like this", I asked others, they also said "ride it out".  I missed better rates days after day.  Bitter but I'll have to get over it.

The IRRRL is a program through the VA for a "streamline" or a "VA to VA". The programs full name is Interest Rate Reduction Refinancing Loan. Basically it is a program to lower your interest and payment on your VA loan.

No appraisal or credit underwriting package is required by VA.  You should be aware, however, that lenders may require an appraisal and credit report anyway.

A certificate of eligibility is not required.  Your lender may use our e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.

An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.  (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).

Lastly, you must NOT receive any cash from the loan proceeds.

thanks Guys. I think I will lock the loan today. July 7 th is closing. The rate I got quoted with the builder is 6% with .375 points and 1 point origination. This hurts so bad! But I have no other choice rates keep rising. 

I haven't locked yet, but am leaning in that direction.  Can anyone address what effect the 24 Jun meeting at the FED WRT Bonds, MBS, etc might have on the rates?