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October 2008 was among the most volatile months in Wall Street's history and mortgage markets got hit by the chaos badly.  As investors moved cash in-and-out of stocks, bonds, and treasuries to keep ahead of financial turmoil, home buyers in Cincinnati, Chicago and elsewhere saw their mortgage rate quotes expire with alarming speed.

Over the last 2 months, changing market conditions forced lenders to change mortgage rates 2.36 times per day, on average.  That's nearly 12 times per week.

Unfortunately, most home buyers just don't recognize of how quickly mortgage rates can change.  They get a rate quote in the morning, they tell their mortgage guy they're going to "sleep on it", and then they find out the hard way that rates have changed for the worse by the next morning.

Now, I've been in this business long enough to know that people think they're getting fed a line when loan officers say "ACT NOW" about a mortgage rate.  But it's the truth.  Mortgage rates can't be "reserved" or "held" any more than a stock price can. 

The chart above proves it -- mortgage rates lasted just 3 hours, 11 minutes on average before expiring in October.

Mortgage shopping is complicated.  It didn't used to be, but it is now.  In addition to mortgage guidelines that disqualify new groups of "fringe borrowers" weekly, rates are volatile and unpredictable. 

And, to add another layer of uncertainty, all around the country mortgage lenders are closing their doors and loan officers are leaving the business.

What good is a great rate if your lender's not there to close it?

In markets as volatile as this one, the most solid home buyer piece of advice you can get is to saddle up with a lender you trust because -- and here's a little secret -- the best lenders almost always have the lowest rate and fee combinations. 

You can drive yourself crazy shopping with everyone around town, trying to keep up with rate changes, or, you can just work with the guy whose Good Faith Estimate is lean because he doesn't need to put super-high fees on it just to stay in business.  Yes, I am one of those guys.

Good lenders are always among the cheapest -- that's why they're good lenders.  If you ever want a speedy rate quote, call or email me.  I lend in all 50 states.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.