Our financial world is changing fast. And there has never been more information available via the Internet. Type the term “mortgage interest rates” into Google and you get pages of rate comparison tables. It seems there has never been a better time to easily shop a mortgage loan. But be careful!
Many people are surprised to learn that mortgage interest rates can change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets. The bond market is generally the best indicator of the general trend for mortgage interest rates. What you need to understand is that the interest rates that are available on one day, may not be available the next, and so you should be prepared to lock when the time is right for you.
While it is easy to follow the news of fluctuations in the financial markets on the Internet, proceed with caution when shopping around for mortgage rates. Rate comparison tables, once published, are instantly outdated, and pulling the trigger at the wrong time can cost thousands over the life of a loan. First time buyers and seasoned homebuyers alike must find a professional mortgage ally who has a proven track record watching financial markets, keeping tabs on rates and juggling the rate sheets of many different loan products, information not easily accessed by the general public.
Please don’t hesitate to contact me if you have any questions about mortgage rates or any other aspect of home lending. I take pride in keeping my clients as well-informed as possible for that all-important decision about when to lock.
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