by Jennifer
(TX)
Ask Kate: Mortgage rate locks delayed
Hi Kate. I have a contract on a home due to close September 30th. I am doing a USDA rural development loan.
I tried to get my loan officer to lock my rate at 5% last week but he wouldn't because my loan was not ready to submit to underwriting due to not having the appraisal back. Now the appraisal is being done this week but mortgage interest rates are going up. So I can't get 5% now without paying 1.5 points.
Do I have any rights? Is this right? Thank you!


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