It was lots of fun today (sarcasm). Rates started out great this morning, my phone was ringing off the hook with clients wanting to refinance and ALL of the lenders web sites were crashing or slow making it impossible to lock in the rates. We were trying to call and fax in rate locks and lenders will not honor them
By the end of the day the rates were back to where they were yesterday and any advantage was gone.
My email box was clogged with reprice notices from lenders. Four times in one day.
The bond closed up tonight meaning that rates tomorrow will not be starting out favorably. What comes next? Who knows?
My advice: find a mortgage broker you trust, give him an acceptable range, discuss whether you are willing to pay points and closing costs and pull the trigger as soon as you get into your acceptable range.