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mortgage rate drop today, insane!

rates have dropped almost 1/2% since 11/6/18 .does this change my pre-approved rate? 30-yr fix 5.05% on 11/6 by cosimo955 from Glendale, Arizona. Jan 4th 2019 Reply

Should be around 4.5 (4.67apr) now... yea! You may even qualify for a bigger loan now. Call me anytime with questions 480-639-3001 Chris

Jan 4th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,719 contributions

Rates change. Sometimes multiple times during the day. Pre-approval's are generally based on whatever te rate was on the day of the Pre-Approval. The rate you get after you find a home, make a successful offer, and "lock it in" can be different based on market movements. So if you bought today, yes, you might be about 1/2% lower... Next week, next month?? All bets off. I lend in WI, MN, and SD. Visit me at NMLS274132

Jan 7th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

If you have not locked in your rate, then more than likely, yes.. you should get a lower rate.. but if your rate is already locked,, then most lenders will not lower your rate. There are however lenders out there (like myself) that offer a "one time" float down.. meaning, we lock your rate to keep it from going up.. but if rates go down more than 1/4% before we draw loan doc's, we will allow you to take the lower rate. Let me know if I can help.. I'm a preferred Lender with Arizona and California 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jan 8th 2019
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