Rescore?Mid score increased from 678 to 687 mortgage in process worth updating CR / rescore with LO?

[Anonymous]

We have a mortgage in process (passed UR and waiting on a closing date)

My mid score just increased from 678 to 687. Is the increase over 680 enough of a lift that it would be worth a new credit pull / rescore?

Thanks for you thoughts!

[kc0039]

Type of loan?

[Anonymous]

Sorry, 30 year fixed

[dtjones052209]

Is it a FHA or Conventional Loan?

[Anonymous]

Conventional.

[Anonymous]

Per the LO rescoring now would remove our rate lock. If this is accurate since rates have gone up this may end up being a net wash so maybe we are best to hold tight regardless?

[NC_Mtg_Loaner]

what date did you originally lock?

Take a look at the US 10 YR Treasury Bond Yield on that date and compare it to today.  

Without knowing anything more from what you've stated you aren't likely to receive much benefit at this point in time, but I do think you'll have a good idea if you look at the 10 YR TB and it's changes from the date you locked thru today.

[Anonymous]

Thank you. We locked on Jan 15th at 4.25 with a buydown at a 678 midscore on a 30 year fixed conventional.

If I am reading the 10 YR Treasury Bond Yield chart correctly it was at 2.545 on the 15th and is at 2.711 now. I'm not 100% clear on how these numbers translate to rates?

[VALoanMaster]

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wrote:

Per the LO rescoring now would remove our rate lock. If this is accurate since rates have gone up this may end up being a net wash so maybe we are best to hold tight regardless?

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That's odd. When I lock in a rate I can go back at a later date and have it updated based on a new, higher, score.