RATE SHOPPING TIPS
When shopping for the lowest price for most items we want to buy, we simply compare prices online and in stores, find the best value and buy it.
When shopping for a low mortgage rate it is more complicated than that. Here are the reasons why it is complicated, and what you can do about it.
Understanding Mortgage Rates
and How I Protect You
One of the most important things to understand about mortgage rates is that they are constantly changing. Like stock prices, rates move with the market—sometimes multiple times in a single day.
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Fixed mortgage rates are heavily influenced by the mortgage-backed securities (MBS) market. As that market shifts, lenders adjust their pricing. That means a rate quoted in the morning may no longer be available by the afternoon.
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So how do you make sure you’re getting the best possible rate for your loan profile?
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Timing matters. Because rate changes are driven by bond market activity, it’s critical to work with a loan professional who actively monitors the market and knows when it makes sense to lock.
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I closely follow market movements and subscribe to MBS Highway, a respected mortgage market analysis service. Their team tracks the economic and market forces that influence lender pricing and alerts me—by phone, text, and email—when meaningful rate shifts are imminent.
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That real-time insight allows me to act quickly on my clients’ behalf. In many cases, I’m able to lock a rate that is better than what was available when the loan application was first submitted.
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My role isn’t just to quote a rate—it’s to help you navigate a moving market thoughtfully and strategically, so you feel confident you didn’t miss an opportunity.
What This Means for You
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Mortgage rates can change quickly—even within the same day.
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Watching the market matters just as much as shopping lenders.
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Locking at the right time can save you real money over the life of your loan.
My job is to monitor the market, explain your options clearly, and help you lock your rate thoughtfully—so you feel confident you didn’t rush or miss an opportunity.
Rate Lock FAQ
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When can I lock my rate?
In most cases, once you’re under contract and your loan details are confirmed. I’ll walk you through the timing, so you understand your options.
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Should I lock immediately or wait?
There’s no one-size-fits-all answer. I look at market conditions, your timeline, and your comfort level with risk before making a recommendation.
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Can rates change after I lock?
Once locked, your rate is protected for the lock period. If rates improve significantly, we can explore whether a float-down option is available.
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Why do rates sometimes improve after I apply?
Because rates are market driven. If the bond market improves after you apply, it may create an opportunity for me to renegotiate the rate with the current lender, or move the loan if that is best.
WHEN ANOTHER LENDER MAY OFFER A BETTER RATE
Mortgage brokers and mortgage bankers typically access wholesale pricing, which often provides lower rates and greater flexibility than what consumers can find on their own. We also work with lenders that do not offer loans directly to the public.
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That said, there are limited situations where a retail bank or investment institution may offer a rate that is lower than what’s available in the wholesale market.
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One example is when you are a highly valued client of a large bank or investment firm who also offers mortgages. In those cases, the institution may be willing to offer an unusually low mortgage rate as part of a broader relationship strategy. The goal isn’t the mortgage itself, but strengthening the overall relationship and retaining your investment assets.
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Mortgage professionals who focus exclusively on home loans don’t have the ability to offset mortgage pricing with investment account revenue, so we can’t intentionally price loans at a loss.
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If I believe a specific bank or institution may truly offer you a better option, I will tell you. My responsibility is not to “win” your loan—it’s to help you make the decision that best supports your financial well-being.