TIL that a 30 day rate lock can cost you if you wait too long to shop

I was sitting at my kitchen table in Boise last Tuesday with a lender quote showing 6.8% on a 30 day lock. My realtor had pushed me to lock early, but I wanted to see one more house. Then rates ticked up to 7.1% in 4 days and that 0.3% difference was about $65 more on my monthly payment. I called the lender back and switched to a 60 day lock at 7.0% instead, which gave me breathing room to close on a place I actually liked. Did anyone else get burned by a short lock window, and how did you handle it?

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wrenstone11d ago

Wait, so you went from a 30 day at 6.8% to a 60 day at 7.0% even after seeing rates jump to 7.1%? That 0.1% savings on the longer lock seems tiny compared to what you were quoted just days before. What made you trust that the 60 day was actually worth it instead of just waiting to see if rates came back down?

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