By: Jennifer Anders

Just as we all follow the stock market and its ups and downs, some of us follow the mortgage interest rates as well. Texas mortgage rates change all day, every day, in which the markets and banks are open. This is a result of fluctuation in domestic and foreign economies. More specifically, it involves unemployment reports, major shifts in the stock market, mortgage backed securities auctions, and numerous other economic indicators.
As a result, quoting a rate is a little more complicated than just looking at what “the rate” is today. Guessing this “daily rate” would be like playing pin the tail on the donkey. If I were to throw out a guess, even an educated one, there’s a good chance I’d be giving your hopes up for a better rate than your personal scenario and/or financial goals would most benefit from.
Any loan officer worth their salt is going to want to understand your goals before quoting just any rate for you. In fact, a really great indicator of how your loan process is going to go involves this first interaction. If you’re speaking with a Mortgage Banker—or even a Mortgage Broker—and they tell you they can just get you a certain rate without getting to know you a little better, they’re probably lying.
Bottom line: home mortgage rates change daily. Sometimes they go up, sometimes they go down. I wrote a previous article stating that mortgage rates at this point can only really go up, but only because they’re the lowest they’ve been in years. However, like I stated previously, mortgage rates change hourly--for better or for worse. That’s where our Free Float Down feature comes in handy. Let’s suppose we lock you in at a rate of 4.85%, and rates lower by .1%. You could get that lower rate, but if rates increase, you won’t see a percentage increase on your rate.
Remember: Each rate is different for each person. Consult one of our Mortgage Bankers today to find out for what rate you qualify.

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