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I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available.

I am predicting that rates will increase over the next 30 days, but that doesn't mean you should necessarily follow my advice when choosing whether to lock a rate, or float it.  My advice may not be appropriate for your individual situation.

From the Bankrate.com survey:

"The Fed said that the current pace of inflation is an 'unwelcome development.' We should all listen, and then brace ourselves for higher borrowing costs as a result."

If you are currently on the fence about locking, I'd say that you do.  There is just too much risk to float -- especially with the volatile nature of mortgage interest rates. 

Remember:  if rates go up and you are locked, you are protected.  If rates go down and you are locked, you can (almost always) "float down".  Locking mortgage rates guarantees a 100% chance of success in The Rate Game, but that chance diminishes to 33% if you are floating.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.