June 28th, 2010 10:37 AM by Eric Fang
If you don't see better rates even though the Bonds rally, it's not surprisingly correct.
There are a few reasons:
1)It will take about 45 days to lock and cloe the loan now. Compared to 15 day lock, the 45 day lock usually is 0.125% higher.
2)The lender is not willing to pass the profits when they have enough business, especially with volumes that they can not handle.
What's the best rate? It is the best rate you locked and closed smoothly.
And be carefully with aggresive LOs. They may quote you better rates with short locking period, and they will say sorry to you when they can not get it for you during the locking period.