Rate shopping to select who will be assisting you with your next mortgage is similar to playing “liars poker”. The Loan Originator who is the most successful at bluffing wins. The fact is, unless you’re locking in the rate at the moment you’re shopping, you don’t have that rate. It’s a rate quote–that’s all. Mortgage rates change throughout the day. They are based on mortgage backed securities: bonds. Some lenders I work with offer “live pricing” and others issue rate sheets; sometimes we can have several rate sheets offered by a lender during one day.
