timing on getting to lock the mortgage i rate

[ShanetheMortgageMan]

Originally Posted by hueimo

where do you see this mortgage backed security prices and how to tell how it effects the next rate might be?

You can view MBS quotes at MBS/ABS Market At-A-Glance

If the price change is green/positive that means that prices increased, and mortgages rates are getting lower. Today was a good day for rates. Last few days, not so much.

[GMU]

Originally Posted by hueimo

how do you relock if you are already locked? did you already get your offer accepted, contract back? what's the process of locking and relocking? any fees? time frame in between?

Some lenders will give you one free "re-lock" if the rates go down a bit. Other lenders will charge you. If it is a significant rate drop, most lenders I have dealt with will allow you to float the lock down to the newer rates, without a charge. If they are charging you, I would look elsewhere.

Regarding rate-lock extensions, i.e. if you can't close in time of your rate-lock agreement, all lenders I have seen will in fact charge you to extend the rate another 10 days, 30 days, etc. Usually this will be "charged" through a slightly higher interest rate, like .125 or .25%. So, if you were locked at 6.375 but couldn't close in time, they might bump it up to 6.5 and give you another 30 days. This is still a good deal if the rates are on the rise.