November 2008 was another record-breaking month for Mortgage Rate Volatility. 

While market players drove themselves crazy, rapidly alternating between economic optimism, pessimism and cynicism, Americans looking for new home loans were forced to ride shotgun.

Related to Wall Street's uncertainty, mortgage rates changed 2.40 times per day, on average, over the last 2 months.  That's 12 rate changes changes per week.

Now, as a loan officer, I know that of the Top 5 Things You Never Say To A Client, "YOU HAVE TO ACT NOW" is the #1 answer on the board.  Advice like that reeks of desperation -- the world's worst cologne.  Unfortunately, it happens to be the truth sometimes.

In November, mortgage rates expired after an average of 3 hours, 35 minutes.

This pace of change is why you can't "sleep" on mortgage rates anymore.  It's act now, or perhaps maybe never.  Looking back at the last two months, on more than half the days, lenders issued 3 rate sheets or more.  That's an alarming statistic.

Mortgage shopping wasn't always complicated, but it is now. 

In addition to a volatile rate environment, external factors are muddying up the mortgage waters, too:

1. Guidelines continue to tighten for high-income households
2. Falling home values are making refinances difficult
3. Rising defaults are pushing private mortgage insurance premiums higher

There's a lot of moving pieces, in other words, and they're all moving in the wrong direction.

In markets like this, the best mortgage advice you can get is to befriend a "good lender".  Good mortgage lenders are "good mortgage lenders" for a reason.  They're fair with clients and they provide extra service and support that you won't get from a call center.  And, most times, they're cheaper, too.

You can rate shop every 3 hours, 35 minutes, or you can save yourself the trouble and work with a reputable lender who's fair and knowledgeable.  And, yes -- I'm in that group.  If you ever want a speedy rate quote, call or email me.  I lend in all 50 states.

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