Rates, like stock prices, can change during a day. Why?
Markets move because of world events, government reports, supply/demand features and just the whim of the market. The price of the bonds that mortgages gauge are called Mortgage Backed Securities.
Investors sell mortgage backed securities and buy stocks or visa-versa during the day. This, the price that a lender has to pay to put the loan onto the market goes up and down and they pass the price change on to you. This way, they make the same amount of money on each loan.
Now comes the consumer delima. If you talk to lender A in the morning and lender B in the afternoon, they may seem to have different prices but if the market moved, lender A moved with it. Before reading this post, you did not know that is the way it works.
So, now you’ll know to talk to lenders at around the same time to get the best deal. The Lender from the morning may not have a higher rate than Lender B in the afternoon!
Once you’ve gotten comfortable with the person you are talking to, ask them if they can lock that rate/points/fees right then and there. Some lenders require you to have certain information provided before they let you lock.
So, the company that gives you a great deal that can’t be locked, is not a great deal.