Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

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To Lock or Not to Lock

money lock

As a loan officer, I am supposed to be an expert in the mortgage rates market. If I could predict where rates were going, I’d be making millions on Wall Street. I do try to follow trends, listen to other market experts a lot smarter than me, and watch the economic news. Rates have been at historic lows for the past 3-4 years.

My first mortgage was 13.75% and I started selling money when it was 14.875%. I try to give people a little perspective. Rates were in the teens in the 80s, dropped to the 6 percent range in the 90s and then in the summer of 2000 hit high 8 percentages. So when clients ask me if they should lock I usually tell them it’s a good idea. Most clients are not in tune with rate movements, market conditions and economics at play to wager on the rate. It will keep them awake at night, distract them at work and they will kick themselves if they don’t make the right decision.
Again, with rates still at historic lows, locking today is a good idea.