Refi Roadmap: A Locked Rate Isn’t A Closed Loan
The August refi boom continues as rates bounce around near record lows. This is happening because rates drop when bond prices rise, and investors continue to regard mortgage bonds as a safe haven from a weak U.S. economy, Europe’s debt crisis, and ironically, the U.S.’s downgrade.
There’s always a rush to lock rates on dips, and extreme daily rate swings only raise the urgency. But just because your rate is locked doesn’t mean your loan will close. Here’s a guide I wrote on Mortgage News Daily to help you make sure it does: Refi Roadmap: A Locked Rate Isn’t A Closed Loan