We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. May 7, 2026 / 3:06 PM EDT / CBS News Add CBS News on Google A mortgage interest rate lock could have multiple advantages for borrowers now. Olga Yastremska/Getty Images When it comes to finding a low mortgage interest rate, timing plays a critical role. Unfortunately, as many borrowers have seen in recent months, the timing lately hasn't been very beneficial. Thanks to a combination of overseas conflicts, pronounced market uncertainty and a subsequent surge in inflation , mortgage interest rates have noticeably increased. And that's all taken place even with the Federal Reserve holding interest rates in place throughout 2026.  Against this backdrop, homebuyers and owners hoping to refinance will need to be more strategic than usual in their approach. And that could mean timing a mortgage rate lock to circumvent any additional rate hikes still to come.…