Is there any way to predict what the interest rates will do in the next month? I am building a home, and don't know whether to lock in my interest rate at 5% now or if it will be that good, if not better when we're finished about 30-45 days from now. What should I do?

I'm far from a mortgage professional (I'm just a consumer like you) so take my advice with a grain of salt...

I 'relocked' about 2 weeks ago, after having locked in at 5.75 in mid-June after the rates shot up. I've been watching all the relevant graphs/blog posts/reports etc that can affect the mortgage interest rates for a few months now.

If I were you and I could lock right now, I would, unless you'll still be comfortable if it goes up. The rates seem to go up much quicker than they fall, so at any time those rates can shoot up to 6% in just a couple of days. Conversely, it takes a lot longer for them to drop that same amount.

 

Spot on Mark, hold the salt.

Damn Mark...you missed your calling. I couldn't have explained it any better and I am a professional. Good work!

Mark has given some good advice. 

I hope this site had a lot to do with giving you a great perspective on locking.