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How fast can mortgage interest rates increase in a month period? Is there a limit to how interest rates rise in a given period?

We are building a new home which should be completed in February 2017. Our lender has a lock-in period of 60 days but it is too soon to lock our rate. Is there a cap on how much an interest rate can rise in this short period of time? by judyfullan70 from , California. Nov 22nd 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

No.. the market does whatever the market wants to do.. there is no cap.. but that's the down side of building a home vs. buying one already built.. you are subject to the rates at the time your home is finished and you are ready to lock in.. rarely is a home finished on time or early,. so even if you were within 60 days of locking, it's very possible you would blow through the rate lock anyway.. .. I'm the preferred Broker here in Scottsdale AZ, and Arizona and California is my primary market. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Nov 22nd 2016
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

As said previously, rates can move and change as fast as the stock market. they've been straight up nearly 0.5% in the past 2 weeks. That could continue or turn around. Some lenders offer a longer lock, or a "float down" option if they change after your lock and close enough to closing. Good luck!

Nov 23rd 2016
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