For those of us that follow interest rates on a daily, or hourly, basis it is easy to see some interesting trends in market. For instance, when the unemployment numbers come out Interest rates always react. When the news is bad, rates go down; when the news is good rates go up. If you want to educate buyers, simply have them watch some the easy to follow economic indicators and they will be able to gauge, roughly, how interest rates are trending.
Tracking several easy-to-follow indicators will empower borrowers and make good decisions about when to lock loans and take some of the pressure off the lender. If lenders do not allow borrowers any input regarding when to lock, maybe its time to look for another lender. Does your lock policy empower borrowers?
Here’s another thought. Will any lender take the time to truly educate their borrowers after April 1st since there is zero benefit to the loan officer?
