Mortgage Blog

I was on vacation from Wednesday last week to the weekend. And I was contacted by a prospect about the interest rate for a purchase. And he contacted with me since he wanted to have better rates for the purchase, and the rate went up from Thursday, Friday and Monday.

And I told him the same thing, what's your priority, the good interest rate or a smooth transaction? I know it is better if you can have both.

Technically, borrower has about 20 days to lock the rate, and we will need the rest of the 10 days for the closing. And since we have only 30 day window for the closing. normally we can not get the best rate. The reason is very simple, we have only 30 days. We can not get the rate, however low or high it will be after that. So normally I will suggest to close the loan first, and refinance later if the borrower still have the opportunity.

By the way, the rate is up a little bit today. But I still think it fluctuates within the trading window.