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What is best day of the week to lock in a interest rate? Any feedback appreciated.

by kaykelson64 from Carlsbad, California. Aug 6th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

there isn't a particulalar day, rates move like the stock market - unpredictably. We were close to the lowest of the year 2 days ago and they suddenly jumped modestly then settled a bit today. That's why we offer a free, one-time float down of the rate in case they are significanlty lower when you are close to closing.

Aug 6th 2015
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Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 215 contributions

Great day to you. There is not a special day to lock. The market moves on a regular basis. If you are happy with the rates quotes and the prices then you lock. If you want to wait and float with the market, you are taking the risk as it might get better or worse.

Aug 7th 2015
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

My preference is to lock on the third day of rates getting better. It has been very volatile the last couple of months, and I haven't seen a string of 3 days of improvement in a while. I try and lock my borrowers in as soon as possible assuming I can close the loan without needing a lock extension. Lock it up if you can now, in my opinion.

Aug 7th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,938 contributions

Any day can be the day.. Rates are driven by the bond market, specifically Mortgage Backed Securities or MBS's.. and like all of wall street, it's driven by economic news.. not the day of the week.. But there's one important thing you need to understand.. Rates go up and down every day.. but when the market turns for the worse, rates will shoot up rather quickly and over a short period of time.. however when the market corrects, rates will come down very slowly and over a long period of time.. the likelihood of a worse rate is much greater than the likelihood of a better rate when you consider the short time span in which you have to lock in your rate.. so my advise.. lock in your loan and don't look back. TI'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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 WilliamAcres.com

Aug 7th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

No specific day is better than the other. Once you are under contract and within a 30-day window of closing I usually suggest to lock in as soon as possible. Playing the rate game and trying to beat the market usually does not work out for most. Better to be safe and know your rate will not go higher. Also, most lenders will allow you to re-lock if the market moves enough for rates to drop .250% to .375%. Best wishes, Sean

Aug 8th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 569 contributions

As all the other brokers are telling you there is not one day better than the other; However, you do want to pay attention to economic news that is happening for the day and week. This can tell you what you need to do. I put a daily blog on this site to show what is going on in the industry and my Facebook page and twitter page also is updated daily multiple times a day to show what is happening for the day. My website also has a Blog page to show similar info. Feel free to visit my site and social media pages for up to date national information that can give you insight as to what is going on with mortgage rates.

Aug 10th 2015
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