Q. When we did the initial application for our home loan, we were quoted an interest rate of 6%. The loan officer suggested that we float the interest rate and lock them in as we got closer to the signing date. We thought the reason for this was to perhaps get a lower interest rate. We were informed last week that interest rates were up and if we locked, we were looking at an interest rate of 6.5%. He said that if we waited, we could possibly get a 6.37% interest rate. Is there any way that we could have them honor the original quote of 6%?

A. No. Since you didn't lock in the 6% interest rate, the lender is not required to honor that quote. Perhaps your lender should not have talked you out of locking in at the time, but the crystal ball on mortgage rates has been a little foggy recently. They took an unexpected jump, surprising even the most experienced economists and now most projections call for them to remain about where they are for the foreseeable future.

Despite that, 6.5% may be a little more than you need to pay. If you have very good credit you should be able to get a rate somewhere between 6.25% and 6.375%. Our database contains mortgage rates from hundreds of lenders, and a few are still offering 30-year fixed-rate mortgages for 6.25% with fees of under $1,000. It's not too late to shop around -- and let the bank or mortgage company you've been dealing with know that.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.