What kind of rates is everyone getting?

[Sam Ohanesian]

I'm under contract for a multi family in Arizona. I'm doing an FHA loan and I'm working with a lender I've worked with the last couple deals I've done.

He initially offered me 3.25 par with no credits. Then I talked to another lender who offered me 2.875 par or 3 with 800 in credits. I told my lender about this offer and he came back by offering me 3.25 with 1,500 in lender credits. I accepted his offer and moved forward with him, mainly because I didnt want to start again with a new lender. 

Now I am being offered 2.99 with 4,000 or more in lender credits!!! I really want to switch lenders but we are scheduled to close in a couple weeks, the appraisal has already been ordered. 

Should I switch lenders? My current lender asked for the loan estimate to see if he could do better than what I am currently getting but I dont think he will get close to 2.99/4000 back. 

Is it too late to switch and close on time? We are schedule to close on March 16th but we were going to push that date back a few days.

[Chris Mason]

We're signed up with 38 different lenders and banks.

In response to the refi boom and T-note bottom falling out, the pricing differential between service leaders and rate leaders is MASSIVE right now. Normally it's pretty minimal (call it $500 in closing costs for the exact same rate), but the service/speed leaders gotta price to pay out overtime for 80 hours per week per employee. The rate leaders are sticking to 40 hours a week, they are going to be closing REALLY slow. Right now, call the pricing differential for the exact same rate $5,000... that same metric that was $500 or so two weeks ago.

Read that purchase contract, and the deadline specified for loan contingency and close of escrow. That's a contract between you and the seller, with a specified deadline. Lenders suffer zero consequences for closing late, there is no timeline contract between you and a lender. 

Not telling you what to do or what not to do. Just offering you insight into the cards in your hand and what those cards actually mean. Play them accordingly. Good luck!