I had lunch today with Mr. Westfield, Curt Whitesell with WKRP Indy, and he said something I have heard a couple of times lately. He said, "Rates change once a day, right?"
Au contraire mon fraire. Mortgage Interest rates change with the market and are subject to change at any time, just like the price of a stock.
Since early May the market has gone up and down like a Yo-Yo, and so have interest rates. It has not been uncommon for rates to change 3-4 times a day. So, when your Mortgage Professional says, "Lock now!" you should jump before the market changes.
Au contraire mon fraire? Obviously JOn Hayes is an educated mortgage banker.
ReplyDeleteSeriously - I appreciate your blog - good info.