The Truth About Mortgage.com

It’s that time again, mortgage Q&A!

The latest question, “Do mortgage rates change daily?”

Mortgage rates are hot news right now, what with them hovering around all-time lows.

It seems everyone is interested to see if they can save a little money on their current mortgage or get into a new home with a super low rate.

But while mortgage rates have been historically low, they’ve also been extremely volatile as a result of the ongoing mortgage crisis and all the subsequent government intervention.

So when shopping for a mortgage, it’s more important than ever to keep a close eye on rates, because they can and will change daily (Learn more about how mortgage rates are determined).

If you want to know where rates are for a given day, call your broker or bank and ask; and don’t be afraid to call everyday to keep track of mortgage rates, it’s their job to keep you informed.

Sometimes mortgage rates may even change more than once during the same day if certain economic reports are released, so your interest rate is never secure until it is locked.

For example, a mortgage rate quote provided in the morning may no longer be valid that same afternoon.

Remember, if you want a certain guaranteed interest rate on your mortgage, you need to lock it in.

By locking, I mean speaking with your mortgage broker or loan rep, agreeing on certain terms and getting written confirmation.

I can’t stress that enough; often times borrowers will be “promised” a certain interest rate or simply be told that interest rates are “X” and not to worry.

But when it comes time to close the loan, for whatever reason, interest rates may have gone up, and the promised rate is no longer available, often putting the borrower in a tough spot.

Typically, borrowers just bite the bullet and agree to the new interest rate reluctantly because they’re so far along in the loan process.

That’s why it is imperative to lock in your mortgage rate when you’re comfortable, and be sure to get it in writing and keep that document in a safe place!