Forum Discussion
Effy
Feb 23, 2017Explorer II
No bank will guarantee a rate for longer than 30 days. Primarily because no one knows for sure what rates will be and can fluctuate in a very short period of time. You can pay to lock a rate. There are lots of laws etc that also inhibit banks from "promising" a rate when they actually can't. Truth in lending and host of other regs. But the fact is that banks are in business to make money. If they guarantee you a rate and the fed rate goes up, their margins gets squeezed.
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