This is a YouTube video titled "🚨 Locking Rates Around the Holidays 🚨" containing a monologue or single-speaker explanation recorded around late November 2021. The speaker discusses how mortgage rates are affected by the market closure during the Thanksgiving holiday period, advising clients on timing their rate locks accordingly.
Markets generally start calming down a little bit early the day before Thanksgiving. They're closed on Thanksgiving, then there's a half day on Black Friday, then you have the weekend. So the mortgage world knows this. They take it into account. They kind of bake this into their rates and get a little bit more conservative on them because they know there's five days in a row where the markets are quiet or closed. If something happened in the world, that should impact rates. Rates are frozen in time. Can't do anything until the market opens back up next week. So it's super important to either make sure the client's locked in before this gets baked in, or let the market open next week. Take the better deal then.
