WPI eases to 5.85%, a 21-month low.
If you’re like most people, you’re probably happy to see mortgage rates falling. After all, lower rates mean lower monthly payments. And that’s good news for home buyers and refinancers.
But there’s another group of people who are watching the decline in mortgage rates with a sense of dread: people who have already locked in their rates.
If you’re in that group, you may be feeling like you made a mistake by not waiting for rates to fall further. But don’t worry, you didn’t.
Here’s why: when mortgage rates decline, it takes a while for the full benefit to be realized. That’s because most lenders have a 60-day rate lock, which means that your rate is locked in for 60 days, no matter how much rates decline in that time period.
So if you’re feeling regretful about not waiting for rates to fall further, just remember that you still have time to lock in a lower rate. And in the meantime, you can take comfort in the fact that you’re not alone.
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