I grew up in the ocean... One constant was the tide. In and out. A lot like interest rates. Up and down.

I have guaranteed mortgage rate behavior for many years. I GUARANTEE rates will go up, down or stay the same, just like the tide goes in and out.

But a letter I received today from a Reader reminds me of another aspect about interest rates, locking in has a tide also.

From a borrowers standpoint, when mortgage rates go up, many hope they are locked. When rates go down, many wish they weren't locked. I get letters during high tide and low tide.

But there is a solution to both tides.

1) When applying for a mortgage, ask questions about the lock policy.

2) When locking, get an agreement in writing

Make going to the beach more fun.

Your friend,Kate

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