General World News

Pennymac locks mortgage rates up to 90 days 

California-based Pennymac launched a product that can freeze mortgage rates as many as 90 days, in a bid to attract more borrowers to the market amid volatile rates.

Dubbed “Lock & Shop,” the product, rolled out in mid-June, has two terms: the 75-day lock, which gives borrowers 45 days to shop and 30 days to close the contract; or the 90-day lock, giving customers 60 days to find a home and 30 days to complete the contract. 

The product also allows a one-time float down if rates decline. It’s available for all loan types, except for jumbo. 

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