EXCERPTED FROM DAN WATERSTONE:
“Lock it Or Lose It” : Mortgage Rates Changing Quickly
Welcome to my blog. I’m glad you’re here.
Mortgage rate changes daily chartMortgage rates continue to change at a frenetic pace. If you’re not locking your rate, you’re losing your rate.
Lock Your Rate Or Lose It
Mortgage rates are like stock prices — they change all day, every day. Pricing from the AM is rarely there in the PM, and is certainly not there the next day.
The market changes. Often by a lot.
In the same way that you can’t buy GE stock at yesterday’s stock price, you can’t lock a mortgage at yesterday’s rates. Yesterday’s rates are (literally) yesterday’s news.
Click here to get a mortgage rate quote.
For some perspective on how fast mortgage rates changed in August, look at these figures comparing August to prior months.
April 2011 : Rates changed every 4 hours, 28 minutes
May 2011 : Rates changed every 4 hours, 13 minutes
August 2011 : Rates changed every 4 hours, 5 minutes
When rates change every 4 hours, on average, it doesn’t give you much time to shop around, let alone “sleep on it”.
You need to know what you want, and by that i mean know what will fit your budget and then be ready to lock it right up!