When I’m reviewing rates with clients, many are surprised to learn how quickly pricing can change. It’s not unusual to hear a home buyer or someone considering a refinance say, “well how come I see “X” rate on the [insert your media here: internet, newspaper, television commercial, you get the idea]”.
As soon as a rate is posted, even on the internet, it may have changed. This is because mortgage rates are based on mortgage-backed securities (bonds) and can change several times a day, similar to the stock market and sometimes just as volatile. The more recent a quoted mortgage rate is, the better odds you have of it being reliable.
