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Do Mortgage Rates Change Daily?

Do Mortgage Rates Change Daily?

Short answer: yes.

Long answer: Every morning, Monday through Friday, banks get a fresh rate sheet that has pricing for that day. Mortgage rates don’t change over the weekend, but the rate you’re quoted on Friday can differ from Monday’s numbers. In fact, the rate you’re quoted on Friday morning can change by Friday afternoon!

Because of all this fluctuation, it’s imperative to lock in a good rate when the timing is right. A “lock” is a commitment to your lender that you agree on the mortgage rate being offered. Locking in a good rate can seem like a daunting task, but with the help of a trusted mortgage lender, the process should be relatively smooth.

Pick your day

Certain days of the week follow trends when it comes to mortgage rates. Monday’s usually have the most stable rates, while Wednesdays and Fridays can be skittish. This can be a good or bad thing, depending on how much risk you want to take.

Know the rates

If you really want to keep track of daily mortgage rates, call your lender or check online, every day. Because they fluctuate so frequently, if you’re looking to get a good idea of the market, it pays to keep an eye on daily rate changes.

Keep an eye on the economy

Economic trends influence mortgage rates. Employment reports, home sales and consumer confidence all have a hand in causing rates to go up or down. When the economy is slow and unemployment is up, interest rates tend to fall. When the demand for housing goes up, rates tend to increase.

When it feels right, act!

If you can get a rate that seems reasonable and you’re happy with it, lock it in and don’t look back! Make sure the lock lasts long enough for your loan to close and get it in writing. Speak with your lender to make sure you’re aware of any additional fees for keeping the rate locked for an extended period of time (longer than 30 days).

Citywide Home Loans make the loan process simple. Visit to see how much home you can afford and find a loan program that’s right for you.