That Mortgage Rate Offer Will Expire In Less Than 4 Hours — Lock It Or Lose It

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It appears that shopping for a mortgage rate isn't getting any simpler.  For the 3rd consecutive 60-day period, mortgage lenders issued 2-plus rate sheets per day on average and rates changed once every 3 hours, 54 minutes.

That's fast.

But for all of those updates, rates haven't really changed that much.

Since mid-June, 30-year fixed mortgage rates have remained range-bound, walled in pretty tightly between 4.875 and 5.625 percent with 0 points.  They broke higher for an afternoon in June and fell below for a morning in July, but other than that, rates have held pretty tight.

Don't confuse "range-bound" for "stagnant", though.  Au contraire, rates are jumpy as all get out.

Mortgage rates are still following the pattern of rising quickly, then falling slowly.  How good of a rate you get depends on the date you lock and even then, there's a little bit of luck involved.

So, as a guy who watches mortgage rates for a living, I'll say this -- unless you're willing to accept a higher rate, don't gamble on scoring a lower one.  Rates are moving too quickly to win a bet like that.  Sure, an extra 1/8 percent against your rate will add up over time but, for some reason, it seems to add up faster when your rate ticks higher instead of lower.

To keep up with rate sheet changes, watch my feed on Twitter.  I post near-time rate updates and that should help you make better loan decisions.

If you've never been on Twitter, it's simple.

1. Click through to follow me
2. Register on Twitter for your free account
3. Bookmark Twitter and revisit the site regularly

Each time you go back to Twitter's main site, right there in your main screen, you'll see my series of updates, front-and-center.  My tweets aren't always mortgage-related, but the ones that are will give you a good sense of whether rates are getting better or worse.

Or, make it more personal. Call orso we can talk about your situation and your mortgage rates needs.  I'm licensed in a lot of states and if I can't help you personally, I can direct you to someone that can.