Most conventional loans don't stay with the lender that made them. They're bundled with thousands of others into mortgage-backed securities (MBS) and sold to investors, and that secondary market, far more than any single lender's decision, is what ultimately sets the rate you're offered.
Strong MBS demand tends to lower rates, and weaker demand tends to raise them.
This is also why your mortgage rate can move even on days with no major economic news. MBS prices shift throughout the trading day based on ordinary supply and demand.
You'll never negotiate directly with the MBS market, but understanding it explains why rates sometimes move.
Those moves often have nothing to do with your credit profile or your lender, which is worth remembering when a quote changes from one day to the next.
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A loan officer can tell you what pricing is doing on the day you're ready and help you decide when to lock. Pre-qualifying will not affect your credit score.
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