Called both Ivan and Rebecca for advice. Ivan said don't lock cause it might go down again before closing, and probably wouldn't go up again. Rebecca said lock because it would give me more piece of mind and make one less thing for me to worry and stress about. Rebecca also recommended not paying any points, because it would take 6 years to break even with that, and who knows if I will stay that long, plus I will need the cash NOW for various things I'll find I need when I move in.
I decided to go with Rebecca's advice. Ivan's might make more sense in raw financial terms. But Rebecca's also takes into account soft fuzzy emotional factors. I didn't really want to sell any more stock than I already had to finance this house thing, plus I *will* need the cash. As it is I'm thinking I will be pretty tight for the rest of the year.
Paying the points back down to where it was would cost the same as the fridge I need to buy plus the vacation I plan to take, plus the cost of moving. At least. If I paid points, I'd still have to do something to take care of the rest of that. So screw that. Long term it may make better sense. But short term it does not.
Having said all that, I'm still pissed at myself for not having paid closer attention and locked a couple weeks ago instead of now. And I'll be pissed at myself again if rates do go back down like Ivan thinks they might. But oh well. Locked and loaded now. I don't have to worry about it any more.
OK. Back to work stuff again. And I have to fax one last paper related to this lock back to the mortgage people. But I am locked now.
But I should have done it last week. Let me slap myself in the head a few more minutes. :-)
As always, Rebecca knows best! Not only did it give Sam one less thing to stress about -- the rates have continued to go UP.
IN YOUR FACE, IVAN!