Mortgage Blog

The rate is about 0.5% higher than the history lows. And I got the phone calls from some borrowers to ask me to lock the rates. It happened a lot of time before. Some people will be panic will they see the rates higher. But they will ask me to lower the rates when the market rates going lower, which I could not once the rate locked.

I have one borrower who cancelled my loan this year. And it's the same person asked to lock the rate so urgently. And he gave me the good reasons as well, the market rate is lower. Yes, that's true. But we should have som commitment here when we decided to lock the rate. I wisk the stock brokerage could allow me to cancel my orders when my purchase order executed and the stock price is lower.

Let's patiently wait. Depends on your rate expectation. It will take about 2 months to get reasonable low rates.

For the rates, it goes up fast, usually only in a few days, but It will take much longer to get it lower again.