Mortgage Rates Seen Below 4.00%. Lock or Float???

To mortgage men and women across the country, it’s an age-old question: "Lock or float?" It’s a question loan officers and mortgage brokers get asked on a daily basis, often over and over again by panicked borrowers.. In fact, it could be the most important question a borrower will be asked during the loan process, as it will determine what mortgage rate they’ll eventually wind up with.

"Locking" a mortgage interest rate means you’ll have a rate that won’t budge from the time your lender offers it to you until you close on your home loan. When mortgage rates rise-as they’re expected to-you won’t be affected by the increase if you’ve already locked in your rate. There are some stipulations to a mortgage rate lock, however:

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Daily Rate Lock Advisory – Bain | Mortgage – Last month’s preliminary reading revealed a 3.2% annual rate of growth. Analysts expect to see 3.1% in this update. If the revision comes in stronger than the last estimate, we may see the bond market react negatively and mortgage rates move higher because it would mean the economy was stronger than thought last quarter.

Also at issue is the occasional discrepancies we see between broader bond markets and those that underlie mortgage. Rates 30YR FIXED – 4.25-4.375% FHA/VA – 4.0% 15 YEAR FIXED – 4.00% 5 YEAR ARMS -.

A rate lock guarantees that the lender will honor a specific interest rate at a specific cost for a set period. The benefit of a mortgage rate lock is that it protects the borrower from market.

Please see Rate Lock Agreement. Note: The partial credit for the upfront commitment fee is credited back with or without use of Float Down option. Initial Lock At the initial lock, the borrower locks under the standard extended rate lock which is posted on the Platinum rate sheet. That rate will be the capped rate. Ex.: 110 day, 170 day.

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