Rates are flat today. Consumer spending was reported higher than expected and stocks are up around 200 in early afternoon trading. Today’s comparison mortgage rates with no lender fees are 4.25% on a 30 year, 3.375% on a 15 year and 2.875% on a 5/1 ARM. Click here for more details.

Hope you made it through Hurricane Irene safely. Remember, if you were in the path of the storm and are in the process of closing your mortgage (purchase or refinance), the lender is going to need a re-inspection done on your property to make sure it’s okay.

After talking with viewers over the past couple weeks, I got a feeling most of you think rates may get even better. It sounds like I’ve found some folks that like gambling!

Assuming you are right, here are three ways to take advantage of potentially lower mortgage rates.

Check out today’s episode:


(Watch it on your mobile phone or email reader here)

If you think the rewards of playing the mortgage bond market outweigh the risks, then this plan can help you.

1. Find the right lender – Shop around for the loan officer that has the best deal for you and the experience needed to close your loan.

2. Begin the refinance or purchase process without locking your loan – Submit your application, order your appraisal, and get the process started.

3. Tell your loan officer what rate and cost you want to lock at – Your loan officer will have the ability to watch the market every day and lock in when needed. This gives control to your lender to take advantage of dips in the market when they show up.

This strategy is not for everyone! Remember, you are taking the risk, not your loan officer. If you like to gamble, you may be able to get a lower rate than if you played it safe.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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