The best time to decide whether or not to lock in a mortgage rate is when a contract is executed on a new home. Once you have a contract in place, view the Daily Rate Lock Advisory to decide whether or not to lock in your rate now or try and wait for a better rate. We do recommend talking to a mortgage professional when making this decision as it can cost you a lot of money if not done right.
FYI, Mortgage rates can change multiple times per day. Lenders are constantly changing their rates up and down according to how busy they are. When Lenders want more business they lower their rates. When they want less business they raise their rates. Before you lock in a rate, be sure to shop around. A mortgage broker can shop multiple lenders for you at once while banks and correspondent lenders will normally only have one rate to offer you.
Tip: Scroll all the way to the bottom to more info about today's Daily Rate Lock Advisory.
*Daily Rate Lock Advisory provided by Tampa mortgage broker Excel Mortgage