30 Year Fixed Rate : 6.375%
0 Points * APR:

15 Year Fixed Rate : 5.875%
0 Points * APR:

FHA 30 Yr Fx Rate : 6.0%
0 Points * APR:

*APRS based on $300k loan amount

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Mortgage Rate Locks

Mortgage rates will change daily until they are locked in on agency type loans. This includes Fannie Mae, Freddie Mac type loans on conventional and government mortgages. For a refinance transaction, rate locks are good for up to 30-45 days depending on the lender. On a purchase transaction, mortgage rate locks can go from 30-60 days depending on the lender. If there are any delays in the processing of the loan, most wholesale lenders will allow a free lock extension for a a few days but for an extra 10 rate lock extension it will cost a .125-.25% cost. In situations where the market has deteriorated significantly from when the rate was locked, the nominal extension fee may be ok.

In a purchase money transaction, sometimes there can be delays which cause the rate lock to expire and an extension is required. It is important to be aware of the things can can eat up time. Inspections can cause work to be performed on the property prior to closing in a sale transaction. There could be required work being done for termites. Or, there could be other issues. It is important that the mortgage professional understand all the contemplated work during a sale transaction to decide on the best lock term.

Longer lock terms are more expensive than a short term lock. (30 days) As a borrower, it is important to understand that mortgage brokers are approved with many wholesale lenders. If market conditions improve after the broker has already locked in your rate at a lender, it is possible for the broker to move the loan file to a different lender. This rarely happens however, as the market would have to move at least 1/4% to take advantage of the drop in rates. Normally during a 30 day escrow period, this much of a change does not occur unless the Federal Reverse has held a meeting and decided to adjust rates. If this occurs mortgage lenders may adjust their rates accordingly during your lock period.

Current mortgage rate information can be found here.