Make sure your mortgage lender offers you a free float down, meaning that if the rate offered declines during your lock period, that is the rate you will receive. It might also be helpful if your lender offers a lock longer than the standard 30 days. Shop around a little before you do lock yourself in, because from what I’ve seen, you should be able to do better than that ... Bankrate.com has 5.5%, with no points I believe, but there are still fees. If the loan you’re looking at is a “no closing cost” loan, meaning that you’re exchanging upfront cost for a slightly higher rate, then the rate you mention isn’t bad at all. Good luck.
Exactly. I do mortgages for a living and that sounds like a good deal, but I’d have to see the whole shebang to know for sure.