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i did not lock my rate Friday the 29th.

rates are up like 1/8th of a % point since last week! do i have to take the 30Year at 4.11% now? i am worried. by crimsane699 from Pomona, California. Apr 3rd 2019 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 579 contributions

No, you can continue to float if you desire and have time to continue to do so. I assume that your mortgage originator is providing market insight so that you can make a decision as to when you might want to lock. I personally do not advise when to lock I only provide market info on what is anticipated from the market and the decision to float or lock is up to the borrower...there is no crystal ball....

Apr 3rd 2019
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Gordon Cuffe (gordoncuffe)
#354 ranked lender in California - 2 contributions

You should go to a broker that has fliexibility in pricing like www.rocklinmortgagebroker.com .

Apr 3rd 2019
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

More info needed, and you should be having this conversation with your loan officer.. if you don't trust your loan officer to have this type of discussion, you probably should not have used them. However, in general, Rate locks protect you when the market goes against you.. When you "Float" you are taking the chance on wherever the market ends up going.. if rates improve, then you win.. but if rates go bad.. then you lose. In all reality, when the market improves, it's very slow and drawn out over a long period of time.. but when rates go bad, it's quick.. and over much shorter time frames. In the short time it takes to close a loan, you run a much greater risk of rates going bad then any minuscule savings of rates improving. This is why I always suggest locking as soon as possible and don't look back. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Apr 4th 2019
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