Seriously confused about New Construction mortgage

[Pucelle]

I'm currently in the underwriting process for what I understand is a Wells Fargo conforming mortgage. I've only been working with a mortgage broker and haven't shopped around cause I hadn't gotten a close date. I am under contract for my condo and Wells Fargo gave me an estimated GFE while in underwriting. I was conditionally approved for the mortgage without a guaranteed rate. There is a "no more than" 5.125% rate on the GFE and 20+ conditions (most of which are not addressed to me). Once all the stuff is collected it will go before underwriting next month. I just got my close date yesterday for September so when should I start looking around for a rate? The lock rates are usually only good for 30 days right and most information I've found has really only applied to existing construction vs new construction. My credit is only good (670) and I'm putting 10% down so that I can have a conforming loan and not an FHA. What I want to know is it too late to start shopping rates since I'm already in underwriting but don't have a guaranteed rate? Should I start looking around next month since my underwriting package is due then and I'll know what the rate is to be able to do a comparison?

[ShanetheMortgageMan]

Wells Fargo doesn't do wholesale anymore, so if you are working with a mortgage broker they aren't brokering your loan to Wells Fargo.  If you have a GFE from Wells Fargo, then you are working directly with Wells Fargo.  Wells Fargo does have affiliates who may have a different company name, but technically they are still Wells Fargo.

Rate locks are available up to 360 days with some lenders, but most only have 15, 30, 45, 60 & 90 day options.

With your credit score, a 5.125% rate isn't great, but it's not that bad either.  Probably shoud be getting something in the high 4's with conventional & 10% down.  You have 2-3 months to go, so if you are going to switch lenders I'd do it sooner rather than later.  Wells Fargo's rates usually aren't the most competitive.