Are you waiting for the mortgage interest rates to go even lower before you buy? Trying not to miss the very best rate? A word of caution. Don't wait too long.
Interest rates could start to rise before too long. Chances are we could start to see some inflation as we head towards summer. Gas will probably go up and our governments efforts to help the banking and automobile industry and that huge stimulus could start to take effect. If inflation starts to creep up, rates will go up. When rates go up, they seem to rise faster than they went down.
So, my suggestion is to get that loan working now and lock in your rate. Make sure the lock in time is long enough to allow for longer loan processing time than normal. Because of the volume lenders are seeing at present, backlogs could become common with many of them. Your loan may take much longer to process than you plan and you could be sitting around watching your lock expire.
Rates are at the lowest they have been in 40 years. Take advantage of them, but don't waste time. They may not last. Wating and trying to get the very lowest possible rate could cost you. They could start back-up and your procrastination could have cost you money.