Yale Roth M.A., M.Ed

I get this mortgage rate question every Monday when people go to my website and select a mortgage rate and price to be locked.

“Can I lock My Mortgage Rate Based on the Mortgage Rates and Pricing I Saw on the Website on Saturday or Sunday?”

The short answer is “no.”

The mortgage rate lock cannot be made over the weekend.  Mortgage rate locks can only be executed during normal business hours.

It’s similar to trading a stock: you can’t execute a buy or sell order when the stock market isn’t opened as you don’t know exactly what price you’re buying in at.

With executing a mortgage rate lock, it has to be done during normal business hours.

So when you see mortgage rates and pricing posted on the website over the weekend, those mortgage rates and prices may be different on Monday when the mortgage bond market opens.

The mortgage rates could be better; they can be worse, it just depends on what’s happening in the mortgage bond market.

In conclusion, “”Can you lock the mortgage rate on Saturday or Sunday or even after business hours?”  The answer is “no.”

The mortgage rate lock has to be made during normal business hours.

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