Unable to Lock Loan Rate

[Jonathan Rabot]

Hi BP Community,

1st time home buyer currently in escrow.
5 days ago lender suggested to lock rate at 5.99%, which we agreed to lock it in at that rate.

Received a notice today that rate was unable to be locked due to fluctuations in market. Now rate is higher and about 2.5 more weeks till escrow closes.

Looking to see if this has happened or can occur and options we have moving forward.

Appreciate your thoughts.

[Bill B.]

2.5 weeks out and you were just locking rates now? Sure seems like a week ago woulda been more on schedule. 

Can you afford the payments for a 15 year mortgage? Might save you half a percent and assume you’re going to refi sometime in the next 5-10 years, so don’t pay to lower rate.