They have little incentive to push you for a lock...maybe they get a bonus per lock, rather than per loan closed? ...I doubt that.3of10 wrote: ↑Fri Sep 04, 2020 2:12 pmIt's all about the LE. It is used to accurately compare rates between lenders. The lenders don't want this and will do whatever they can to lock you, and prevent you from working with another lender.ossipago wrote: ↑Fri Sep 04, 2020 11:58 am A process question. How common is it for lenders to be super aggressive in pushing for a lock? One lender is pushing hard saying that they are certain rates are going to rise on Tuesday. It's off-putting (as is the bizarre way that mortgage lenders rely on phone calls to get information that has either already been provided online or would more easily be entered online). I didn't think day-to-day interest rate changes were predictable in that way anyways.
With that said, locking you into a rate doesn't prevent you from still comparing rates with other lenders. If a rate fits what you're looking for, then you can go with it (lock) and still search for a better rate. The only issue is if you pay them (appraisal, locking fee,...). You could lose that money if you decide later to go with another lender.
As for predicting daily rate changes, I wouldn't fall for it. I just read a report today that rates have dropped again for a record low (Bankrate).
And you literally have a federally mandated right to cancel 3 days after you've signed the closing documents.
Of course, if you've paid for an appraisal, title, etc, those are non-refundable, but most loans are nothing out of pocket until the day you sign.
However, you never know when we've reach rock bottom...not locking might mean that 2.375 becomes 2.5, for example, so as the borrower, you have no reason not to lock and keep shopping.