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I applied for a 30 yr refinance and my mortgage broker now says that rates have increased after the

I applied end of July by signing all the disclosure packages with my mortgage broker. He ordered appraisal by taking money from me and now says that rates have gone up. we need to wait. How is this possible? Isn't he supposed to lock the rate during the application time itself>
  • August 18 2012 - Fremont
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Answers (2)

Profile picture for CA Direct Lending
I would reprice your scenario in the Zillow Mortgage Marketplace to see where other lenders are pricing today and even where your broker is pricing as well.  This should help you see how much rates have changed since you began in July.  
  • August 19 2012
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Rate lock should be discussed once you have returned all signed disclosures and initially requested documents. It sounds like your broker did a poor job of explaining and communicating with you. It is true rates have increased a bit recently, but not a major shift where it would be likely to cause a transaction to fall apart. What were you initially offered for Rate and Adjusted Origination fee?
  • August 19 2012
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