I think this is terrible advice.  If clients locked in last week and rates skyrocketed, would you recommend lenders "jump ship" and find a way to decline loan applications so they could re-lock them at higher rates?

I really don't like the fact that people can't rely on others to be trustworthy these days.  When a client signs a rate lock agreement they know exactly what rate they're getting under exactly which terms.  To recommend they jump ship after that is perpetuating the unprofessionalism that's rampant in our industry.

 You set off a firestorm with this one, Caroline!

I don't think you should be recommending this as a REALTOR® since you will be starting over again and this should be about service. 

We locked our re-fi two weeks ago, but we got an insanely great rate anyhow and I wouldn't consider jumping ship from our favorite lender.

Sometimes we learn more from the comments and the replies than we can ever expect.  It makes AR a part of my "to do" list everyday.  

As John Meussner , said, this is just plain bad advice. And people would not save $150 per month, as you said in a comment. When customers apply for a mortgage, it's their choice on when to lock the rate. I don't need or want customers that call me each week wanting to change the rates. It takes a lot of work, time and costs to get loans done, without this BS. As a lender yourself, you know rates don't change much at all from week to week. Looking at a loan of $417K, the difference .125% rate equals $28.98 per month. My rates and closing costs are the best in the country because I am not greedy and I expect the same from my customers. Now, if you are using this as an advertising tool, trying to attract new business from your competition, I can see that, but that is not my style

Thank you John Meussner I agree with you, that's a very reckless advice.

I have several buyers that locked. Now the rates are even better. Darn. 

I want the rate to be so low that the lender cannot even get an offer on it. A 1% drop could save me about $162,000. Where's my life jacket?

Wow.. rates are crashing! Both my buyers under contract are builder homes and can't lock yet!

Thankfully I'm not getting a mortgage or a re fi. 

Thanks for the advice!

good information for everyone....

all part of the business. some people are honorable and some are not.

have had people jump ship before.... won't be the last. 

Wow - interesting reading the comments.  AR is a great place to learn different perspectives. 

It is up to a client to decide, but if the difference is so substantial, one should act fast. 

Good Point.

The market is crazy this month. Great advice

No.

*ducking from flying flame war* - nope working with cash customers this week

parked and reading...

There is always the chance for disappointments.

I don't think USA rates are crashing. Down a little temporarily.

I do have a few notes that I renewed last week, thats okay though.  Interest rates are seldom the main issue with my bank and myself, having a banker that works well with me is.

Caroline Gerardo - luckily, couple of my buyers did it at right time....

Thanks for the advice.  I'll bet the lenders aren't nuts about it!

thanks

To do that for a slight dip is silly, even over the course of 15-30 years.