Applied for a mortgage, then 3 days later the interest rate went down 1/8%. I am supposed to be “locked in”
by Mortgage Rates on Saturday, September 25th, 2010 | 4 Comments
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Interest rates fluctuate fairly frequently. If you have a fixed rate mortgage, it’s doubtful that they will give you a lower rate. In the future, if rates are significantly lower, you can refinance to a new mortgage with a lower rate.
However, you need to remember that the interest rate could just as easily have gone up (and it looks like rates are going to increase). That means that while you missed out on this little bit of savings, you’re also shielded from those future rate increases.
You arent locked until underwriting gives conditional approval, the loan origination company will send you a lock confirmation by the source. You should have asked for a float down lock. Some places dont even remember what those are.
You can now lock in at the lower rate.
Don’t sweat an eighth. It probably amounts to a $12/month change in your payment.
Rates change every day.