Can you lock an interest rate when you currently have an adjustable mortgage?

Contact your present lender, and tell them you want to convert to a fixed rate. Your rate may go up a little bit, but that is your cheapest alternative.





Other than that, you can shop around for a good mortgage broker.





Good luck!Can you lock an interest rate when you currently have an adjustable mortgage?
refinance if you r ableCan you lock an interest rate when you currently have an adjustable mortgage?
I think the only way to do this is to refinance with a fixed rate mortgage - which, judging by the current mortgage and housing trends, you should seriously consider doing. My bf and I have an interest rate fixed at a little over 6% for the next 30 years - it'll feel really nice when interest rates go into the double digits!
Lots of things happening in the mortgage industry,,, Talk to your mortgage holder. and hope it is a local bank rather than some national outfit. This may not be the same person you originated your loan with. Many banks sell their loans.





Bush and company is trying to get the banking industry to REDO some of these loans. The lending institution you have may be more than happy to give you a rate ';Modification'; and leave everything else the same... Rates are hanging around 5.75-6.25% and may be moving soon as the Fed has lowered rates so maybe mortgage rates will come down too.
Contact your lender and tell them you want to convert the mortgage to a fixed rate.
Unless your current mortgage has a convertible option, you will not be able to just convert it to a fixed rate.





You should however call your lender and see if you qualify for a loan modification, which may fix your rate for a couple more years.