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My lender says I should lock because rates are probably going up from here. Is she right?

by nancy_fox from Virginia Beach, Virginia. Jul 3rd 2013 Reply


Adrielle Edwards (AdrielleEdwards)
#902 ranked lender in California - 96 contributions

It is very difficult to predict exactly what rates will do since they depend on a variety of factors. However, we are predicting a decent jobs report on Friday which would move rates up slightly. This expectation comes after a stronger than expected ADP jobs report. There is no guarantee of this, of course, but I would give the same advice at this point.

Jul 3rd 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Thats a very difficult question.... No one knows what will happen, but i suspect that your loan officer may be worried that if you dont lock now and rates go up, you may no longer qualify.

Jul 3rd 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

It's hard to tell what the markets will do but the rates are rising.

Jul 3rd 2013
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Allen Lundberg (ColoLender)
#19 ranked lender in Colorado - 24 contributions

Nancy,The trend is our friend and currently rates are trending up. The employment report that will be released on Friday will be a market mover. ADP payroll was released today and it was slightly better than the markets expected, moving some of the pricing upward. I have counseled my clients to lock ahead of the data on Friday just in case. The only guarantee that we can make is that the markets will move, but you are better off to be locked with rates coming down than not to be locked with rates rising.Allen

Jul 3rd 2013
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Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

Rates usually increase much quicker than they decrease. If you lock and rates go down you may lose a little. If you don't lock and they go up you could lose a lot.

Jul 3rd 2013
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Steve and Eleanor Thorne (Eleanor Thorne)
#1 ranked lender in North Carolina - 27 contributions

The Jobs numbers come out at 8:30 Friday morning. It will likely move the market. If it's a strong report, which is what we've had so far this year - it will probably push rates higher.

Jul 3rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

It truly is like gambling. You are playing the market, and yes rates typically move up quickly but down slowly. If you are ok with the current rate and lock term you may want to lock it and move on to the next phase, and what the market does won't matter. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Jul 3rd 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Thats a very difficult question.... No one knows what will happen, but i suspect that your loan officer may be worried that if you dont lock now and rates go up, you may no longer qualify.

Jul 3rd 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Yep - she's right.

Jul 3rd 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Rates are on the way up.

Jul 3rd 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Are you a gambler? There is a super small slight chance of rates moving down - there is a super large chance of rates continuing to move up. It is always your choice, but I think only a fool would hold out for rates going back down.

Jul 5th 2013
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