Q: We are getting a new mortgage. The lender has asked whether we want to lock in a guaranteed 6.75 percent loan rate now or let the rate “float” for a few weeks in the hope that rates will fall and our monthly payments would be lower. What would you suggest?

A: Most economists say mortgage rates will keep rising for the rest of this year, so it would probably be better to lock in the 6.75 percent fixed rate now instead of hoping to get a better deal later.

Many lenders today offer borrowers the choice of either locking in a guaranteed rate and letting their transaction close relatively quickly, or instead letting the rate “float” for weeks or even months in the hope that rates will move lower. If you choose to float and fixed interest rates subsequently drop, you can then close the deal, and your scheduled monthly payments over the term of the loan will be lower, too.

But if rates rise instead, you’ll pay more than you would have if you had locked in your interest rate today.

Q: We had a small electrical fire last year that caused about $2,000 damage to our home. We have since repaired all the damage and put in an expensive new wiring system throughout the house. Now we are ready to sell. Do we have to disclose the trouble we had with the old electrical system last year to potential buyers, even though we have since replaced it with a new one?

A: No, sellers generally aren’t legally required to tell prospective buyers about past problems that have since been properly repaired. A disclosure would only be required if you only made temporary repairs.

The fact that you recently installed a brand-new electrical system throughout your home could actually be used as a marketing tool when you put the property up for sale.