If you locked over the past week, you may have pulled the trigger too early. This morning we saw the 10 yr rebound nicely and that is starting to trickle down to mortgage rates. Today’s best rate quote for a 30 year fixed rate conventional “vanilla loan” is 3.375% @ 3.419 APR. which is approaching a new low and will continue in this direction as the stock market retreats after approaching its all time highs again.
The moral of this story is don’t always be in a rush to close, if your mortgage advisor isn’t. A good mortgage professional will lock when he thinks it’s a good time to lock, NOT just when it’s just a good time to get paid.
If you have not checked in with a mortgage professional in the last 6 months its time to check in for a tune-up.
If you are still paying over 4% please check in with someone your trust and see if you can save some money – it can’t hurt to ask and it’s always free to get a quote.
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