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What's the best day of the week to lock in a rate? Does it make a difference?

by JTambor from Drexel Hill, Pennsylvania. Mar 15th 2013 Reply


Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

There is no set formula, but I would avoid Friday, as bond and stock investors are uncertain what will happen on the weekend.

Mar 15th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

No real answer here.. Bond rollover, economic news calendar, positive economic news, or negative economic news, Wall Street, etc.. Are things that can move rates in positive or negative directions.. And the dates for these things are random.. Patterns are more predictable than which day of the week would be.. if you look at MBS, and see a down tick over 3 or 4 days, chances are the next day rates will be worse, and vice / versa... I'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. 480-287-5714

Mar 15th 2013
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Matthew Wells (mwells1188)
#55 ranked lender in Maryland - 17 contributions

Typically mid week rates are at there lowest, really depends on the bond

Mar 15th 2013
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Mark Simon (mark.simon)
#10 ranked lender in Delaware - 83 contributions

JTambor I live in your area and also have an office in Delaware give me a call if you have a loan you need help with today Mark 302-449-7373

Mar 15th 2013
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Michael DiMarzo (mdimarzo)
#6 ranked lender in Maryland - 21 contributions

Never Friday Or Monday. Tuesday -Thursday are the Best Days I have Found To Lock,

Mar 15th 2013
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Michael DiMarzo (mdimarzo)
#6 ranked lender in Maryland - 21 contributions

Never Friday Or Monday I Find Tuesday -Thursday To Be The Best Days.

Mar 15th 2013
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

The best day is when it's the lowest. Unfortunately, none of us can predict the future - but I'd avoid Friday's.

Mar 15th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

I would also avoid the Friday before a holiday weekend as there is an additional day that bond market investors need to protect themselves. Rates typically move the most Tues - Thurs as these days have the most economic reports. Depending on the news and what the market expected rates can get worse as easily as better on these days.

Mar 15th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

We try to never lock on a Friday, but I think most important is know what is going on in the economy both here and over seas.

Mar 15th 2013
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Absolutely, positively, there is no better day.If you can tell me what will be in a report, how the Euro zone will react to Greek debt, what the Chinese are doing with their spare cash, how is the Jen trading against the dollar, then I can tell you when to lock.Fred GlickNMLS #133975CEO, U S Loans Mortgage, Inc. NMLS #51022

Mar 15th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

The day doesn't matter, as the rates fluctuate day to day hour to hour. It depends on what the bond is doing and the market.

Mar 15th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

THE DAY OF THE WEEK MAKES NO DIFFERENCE. Run from anyone that tells you it does because that is a clear sign they have no idea about what affects the interest rate markets. This question is like asking if there is a btter day to buy a stock. The day of the week simply has NO correlation to what the markets may be doing or will do in the future.

Mar 15th 2013
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Bartolomeo Castelli (BartCastelli)
#32 ranked lender in Missouri - 1,056 contributions

No matter what anyone tells you, I have been in this market to long to tell you that it may be Monday, Tuesday, or whatever day the bank is open and is accepting locks on your particular transacation. Someone mentioned Friday, but today the rates fell from yesterday and some of my clients jumped on the lower rates than they were earlier this week. If you are happy with the rate, lock the rate in. Listen to the advise from your Loan Officer as they should be knowledgeable on what the market is doing. One thing I teach my Loan Officers and have followed in my life as a Lender, "it is not what you know - but knowing how to take care of your customers!" One should be armed with facts to make the customer informed on what would be the best decision to make.No one can ever predict rock bottom. If they could - there would be one individual out there filthy rich.

Mar 15th 2013
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Jason Robinson (CFIsupport)
#58 ranked lender in Georgia - 106 contributions

Although rates were lowest 90-120 days ago, it's still a great time to lock in a loan to save over the long term. Which is most important.

Mar 16th 2013
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