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Shopping rates when getting your mortgage can be a good idea.  Shopping a few different lenders can help you to make sure you get a great deal.  Remember when you are shopping rates that rates are good the moment you hear them and you must be ready to act when you hear the best one.

Home buyers are often surprised when a “rate quote” they got in the  morning can’t be honored in the afternoon. Often, the assumption is that the loan officer is just being sneaky, trying to pull one over on you. This often isn’t true.

Rates change throughout the day just like stock prices change throughout the day.  The price that you can purchase Apple Computers at 10:15am will be different than you could get at 11:25am.  No one is pulling one over on you, that is what Apple is selling for right at that moment.  If you want the 10:15am at 11:25am you are out of luck, or you might be in luck as well if the price had dropped.

We are in a period of incredible rate volatility right now, mid-day rate changes are common, and many days there are multiple changes. Rate quotes change in the middle of the day because mortgage markets are in constant flux. All day, every day — just like stocks.

So, if you’re talking with your loan officer in the morning about a rate quote, be prepared to do all of your rate shopping quickly, and be ready to make a decision.

By the time the afternoon rolls around, after all, that rate quote may well be dinosaurs.