I thought this answer to Leo would best be served as a new blog entry. Here it goes.
I definitely concur with Leo's opinion. Everyone should do their due diligence before advising someone on a lock. Here are some of my sources that I consult with before advising my clients: Daily Lock Advisor, MortgageMarketGuide.com, CNBC Business News and other publications related to the industry.
To Lock or not to lock, if we only new the answer for sure. However, I do believe that a well informed professional will be able to advise their clients in a manner that can lower the risk of making costly mistakes in the rate locking predicament. It is well known that rate lock predictions are very nearsighted, as well they should be. To predict anything past a reasonable time-frame could play to your clients disadvantage.
We are still in historic all time low rates. Let's not forget that not to long ago a very good rate was 8%. With that said, the last 5 years of low rates have caused our clients to believe that anything above high fives is a high rate.
What I have found recently is that clients that have that mindset are more likely to shop for a rate and end up with a higher rate at the end. Times are changing, and an old proverb comes to mind " A bird in Hand is worth two in the bush". To put it in perspective, a rate that your client is comfortable with now is worth more than their discomfort of not knowing what the rates could do tomorrow.
I am happy to consult with anyone on a one on one basis or over the phone at anytime. Give me a shout at 405-205-7585. Or keep sending your comments to my blog.