Shopping for a mortgage rate is like playing pin the tail on the Donkey!

By mark-slade September 2, 2011

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!

Mark Slade
Keller Williams
917.797.5059
www.goodhomesforgoodpeople.com