No, not for "no reason". It can change if you didn't close in the allotted timeframe or if the product changed or your loan was revised for various reasons. What does your lender say?
Rates are locked on a specific day for a specific program for a limited time. If you change programs, or don't qualify upon further review for the one you initially pursued, you may retain that days pricing, but on a different product.
Get an explanation from your lender, review your documentation, and if you are still not satisfied and the stakes are high enough, meet with an attorney.... more
The simple answer is "yes and no." Obviously you now know that the inquiries from the cell phones have dropped your score. If they dropped them to a new pricing tier, then you will need to bring more funds to close. I answer yes and no because they are not changing your rate, they are changing the cost to get that rate. The same rate is available to you and they will use the same rate sheet as the day you locked, the difference will be that there is a different loan level pricing adjustment for that rate so it will simply cost you more money. If you don't have the money to pay the pricing adjustment, you can then absorb it with a slightly higher rate so that is where the rate change would come into play.... more
A drop in the Fed Rate simulates the Stock Market, investors pull out of the Bond market which often causes longer term interest rates go up.
What Mortgage Brokers use as a rule of thumb is when the stock market surges, it drags Mortgage Rates up. When the Stock Market takes a nose dive often rates follow it down.
But due to all this Massive Obama over regulation, all the costs and mandatory waiting periods, HVCC with trying to order a new appraisal because so many lenders are refusing to accept another lender's appraisal from their AMC, and I could go on and on, switching lenders has become a royal pain for everyone including the consumer.
This Dodd/ Frank Act and Obama's horrendously crippling over regulation has done nothing but hurt the consumer in many more ways than they've helped. So whenever you hear about closing nightmares, delays and extensions, there is something you can directly blame and that is the Dodd/Frank Act! PERIOD!
Does anyone remember when Simultaneous closings were possible? Has anyone seen more than a few, where the buyer and seller were both obtaining a loan to close, since 2006?
Why is it so bad these days? See the culprits right here and why: