Rate locking

[Anonymous]

Hello All,I was approved for a loan. My closing date is April 25. The mortgage company is telling me I can lock in the rate now at 5.480 at 1 pt or 5% @ 2pt for $700.So I wait or lock in? Is this a good deal?

[Anonymous]

Hard for us to tell without more information. 

Loan type - FHA or conventional?

Down payment amount?

Loan amount?

Credit score?

[Anonymous]

Sorry about that.

Loan amount 72,000

FHA

3.5 % down

Scores 651 , 614, 602