In real estate, timing is everything. But in 2025, "timing" isn’t just about finding the right house—it’s about capturing the right mortgage rate.

For buyers in New Hanover, Pender, and Brunswick counties, the current market volatility has made the mortgage process feel less like a math problem and more like a gamble. One week, inflation data sends rates dipping; the next, a jobs report sends them climbing back up.

This leads to the single most common question we hear from buyers under contract: "Should I lock my rate now, or float it and hope it drops?"

While we are real estate experts, not financial advisors, we can help you understand the strategy so you can ask the right questions to your lender. Here is how to navigate the "Lock vs. Float" dilemma in our specific coastal market.

The Basics: Security vs. Opportunity

The Lock: A rate lock is a guarantee from your lender that your interest rate will not change between now and closing, regardless of what the market does. It costs you nothing if you close on time, but it protects your monthly payment from sudden spikes.

The Float: "Floating" means you are choosing not to lock yet. You are betting that rates will decrease before your closing date, allowing you to snag a lower payment.

The "New Construction" Trap

This strategy is particularly critical for our clients building in Hampstead, Bolivia, or Winnabow.

If you are buying a new construction home that won't be ready for 4-6 months, a standard 30-day lock won't help you. In this scenario, floating is risky. If rates jump 1% while your home is being framed, you might no longer qualify for the loan by the time the drywall goes up.

The Strategy: Ask local lenders about "Extended Rate Locks" (some go up to 360 days) with a "float down" option. This protects you if rates go up but lets you drop your rate if the market improves before you move in.

The "Hurricane Season" Factor

In Southeastern NC, our closing dates are sometimes at the mercy of Mother Nature. If a named storm enters our "box" (a specific coordinate range in the Atlantic), insurance companies stop writing policies, and closings get delayed.

The Risk: If you locked a rate that expires on Friday, and a storm delays your closing until the following Tuesday, your lock could expire.

The Strategy: When locking in our region, always ask your lender: "What is the policy if my lock expires due to a weather-related closing delay?" Good local lenders often have grace periods for this exact scenario.

When to Lock

You are at the top of your budget: If a 0.25% increase in rate would make the monthly payment uncomfortable or disqualify you, lock immediately. Peace of mind is worth more than the gamble of saving $40 a month.

Closing is soon (under 30 days): The shorter the timeline, the less likely rates will drop significantly enough to matter. Lock it and focus on packing.

When to Float

You have a flexible budget: If you can afford the payment even if rates tick up, you might choose to float to see if a favorable economic report (like CPI data) drops rates lower.

Your closing is far out (but not new construction): If you are 45-60 days from closing on an existing home, you might float for the first few weeks to watch the market trends.

Who You Work With Matters

National online lenders often treat rate locks as black-and-white policies. In our unique coastal market, you need a lender who understands the nuance of new builds, storm delays, and local volatility.

At Aspyre Realty Group, we don't just find you the house; we connect you with the local financial professionals who ensure you actually get the keys. We help translate your financial goals into a home buying strategy that minimizes risk and maximizes your lifestyle.

Ready to make a move but worried about the rates? Let's sit down and build a plan that works for you.