Q: We are in the final stages of refinancing our home. Last week, our mortgage broker called us to ask whether we want to lock in a guaranteed interest rate of 5.9 percent or let the rate “float” for another week or two. If we let the rate float and rates go down, we would get the lower rate. But if rates go higher, we would have to pay more. What should we do?

A: Not even the brightest economists can predict accurately whether interest rates will be going up or down, especially in these volatile financial times. So, if you are comfortable with the guaranteed rate, lock it in today so you can finish your refinancing plan and start saving money from the lower rate that the new loan will provide.

If you decide to gamble by letting the rate float for a few weeks, hedge your bet by setting a few boundaries. For example, if your broker is offering a guaranteed rate of 5.9 percent, instruct him to lock the rate in if rates fall to 5.7 percent or rise to 6.1 percent. Following this strategy will let you save if rates go down but also limit your damage if they go up.

Most importantly, don’t start stressing over the whole lock-or-float issue. Interest rates are averaging a bit under 6 percent, the lowest that many of us have seen in a lifetime. Even if they dropped another one-quarter percent more, it would save you only $33 a month on a typical $200,000, fixed-rate mortgage.

I filed for bankruptcy last September. How long will the filing stay on my credit report?

It depends on the type of bankruptcy that you filed. If you filed under Chapter 7 of the U.S. Bankruptcy Code — the one that allows you to completely eliminate your debts if a judge agrees — it will stay on your credit record for 10 years. If you instead filed under Chapter 13, meaning that you will repay at least some of the money you owe, the filing will remain on your report for seven years.

You wrote that people can withdraw up to $10,000 from their individual retirement accounts and avoid the 10 percent early-withdrawal penalty if the money is used to purchase their first home. I am 39 years old and do not have an IRA, but I have a 401(k) retirement plan from the company that I work for. Are the same rules that apply to IRAs the same as those that apply to withdrawals from a 401(k) plan?

Unfortunately, no. The Internal Revenue Service allows first-time buyers to make up to $10,000 in penalty-free withdrawals from their IRAs, but it doesn’t provide the same tax break to people who tap their 401(k) retirement plan.

Generally, you cannot make any penalty-free withdrawals from a 401(k) program until you’re 59 1/2 or older. But your employer may let you borrow against the equity in your 401(k) to purchase a house, which could be a better deal than taking a penalty-free withdrawal from an individual retirement account.

Federal law permits employers to allow workers to borrow as much as 50 percent of the value of their individual plan, up to a limit of $50,000. Some employers allow such borrowing, but others do not. Contact your employer’s human resources department or retirement-plan administrator to determine whether you qualify.