Interest rates rising? Lender increased rate quote.
We’ve been working with a lender for about 6 months to finance my first home. We are in a unique situation as we are buying a home out of a rent to own agreement. The first 4-5 months I worked with an inexperienced loan officer who did not know how to structure the loan. About a month ago we were given a more experienced loan officer and things are progressing nicely. At the beginning of the process we were quoted a rate of 2.71% on a 30 year fixed and now that I have been approved for the loan, I am being quoted 3.6%. The change had not been discussed, it was just presented in the disclosures.
As a first time homebuyer, I’m not sure how to interpret this. I keep reading in the news that interest rates are not going up or have gone up by 0.1% and the splash page on their website continues to say the rate on a 30 year fixed is 2.69%. I brought it up and my officer who has been great simply said “ the rates have gone up” and when I said I didn’t see evidence of that she said she’d speak with her higher up to see what they could do. She has been very attentive throughout the process and now has become difficult to reach for much of the past week.
Can anyone offer me some insight here? Is this rate change normal or am I being taken advantage of. Is there a reason she may be avoiding contact with me? Do I have any recourse with this rate change or is it what it is and I should just deal with it?
Thank you for your help!