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Daily Mortgage Interest Rate Lock Advisory

Should you lock or float a mortgage rate?  Mortgage interest rates -- just like stock prices -- change price daily and you can win big or lose big if you don't know what you are doing.
Today's Mortgage Rates Averages | Float or Lock? |  What is a valid Mortgage Rate Quote? | Check today's MN, WI, and SD Mortgage Rates


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FLOAT OR LOCK your Mortgage Rate?

For the homebuyer that has signed a purchase agreement on a new home, we almost always suggest you lock as soon as possible. The sooner you lock your rate, the less chance you have of losing in the Mortgage Rate game.

If you are refinancing, you can gamble a bit more. You are not required to do anything, so you can afford to see what the mortgage market might do. But realistically, if the interest rate you are looking at today looks good, go ahead and lock. Holding out for 1/8th - 1/4% lower interest rate, that may only equal another $10 or $15 a month is not worth the risk of rates going higher! If you want to gamble... go to Vegas.

What is a Mortgage RATE QUOTE?

When buying a home or refinancing, it is common to call around to many lenders to get a rate quote. A rate quote is not a guaranteed rate. Another common issue with getting a quote is you often get one from Lender A on Monday, Lender B on Tuesday, and Lender C on Wednesday. Rates can change daily, sometimes multiple times, so unless you get all your quotes at the same time, you don't have accurate information. THE ONLY RATE QUOTE THAT MATTERS IS THE DAY YOU LOCK. Many lenders quote you low to get you to stop shopping, knowing that you will usually NOT be locking the same day of the quote - especially for any purchase loans. Be wary of anyone significantly lower than anyone else.

Get a FREE Mortgage rate Quote - No SSN Required best mortgage rates in Minneapolis

What is a Rate Lock Period? The lender will usually quote rates along with a rate lock period, usually 15, 45, or 60 days. The loan must close within this period. The longer the rate period, the higher the interest rate.

What is a Rate Lock? When you "LOCK" your interest rate with your lender, you and the lender agree this is the guaranteed rate you will receive, and that no matter what the markets do before closing, you will not be charged a higher rate if rates go up, and you will not be able to get a lower rate if rates go down. Your rate lock should be in writing.

What Does It Mean to Float? Floating your rate means means that while your loan is in progress, the rate is NOT yet guaranteed. You are taking the risk that interest rates will either not go up or that they will fall. If rates have been dropping, then you might want to take a chance that rates will be lower by the time you close your loan than they are today. Discuss the floating with your Loan Officer. Sometimes it is worth the gamble, sometimes it isn't.

Is Refinancing Right For You? Should I Pay Points?, Closing Costs Break Even, Refinance Interest Savings
Think you're getting a great deal? Get a FREE Second Opinion. Get a FREE copy of our #1 Mistake Report, and be sure to read my article on How to Shop Lenders and the proper ways of Interest Rate Shopping.

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St Paul, MN 55118

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