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Updated over 6 years ago on . Most recent reply
Quoted mortgage interest rate went up in < 1 month??
I was pre approved for a mortgage about month ago and the bank quoted 4.625% on a 30 yr fixed. We received the signed purchase agreement for a property and now I'm scheduling an inspection. I called the bank and the loan manager is quoting 5.0%!
Has anyone experienced this? How has the rate suddenly changed? I'm considering other banks but it's a time crunch and I'm really mad.
Most Popular Reply
Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Yes mtg rates have been bumping up, and are expected to continue into the 1st quarter of next year. Your rate is not “locked in” until after you actually apply for a loan.