Mortgage rates lowest ever! 3.79%! Act now! Numbers like that are attractive, but no one should be surprised when they don’t actually get a rate quite that low.

Sure, you simply may not qualify for the lowest of the low rates, but that’s not the only reason. There’s a good piece over at Dan Green’s The Mortgage Reports on why that is.

The gist: The 30-year rate published by Freddie Mac is based on loans with a 30-day lock. In reality, though, a lot of loans these days can’t close that quickly. Lenders are being more careful (as we all know), and thanks to the recovery there are more applications to process.

Bottom line: A 45- or 60-day lock is common, and that means a higher rate.

Click here to read the details from Mr. Green.