Where can I track rates?
- Thread starter Irvine
- Start date
Irvinecommuter
New member
Track the 10 year treasury for a broad view and Mortgage Daily News for the specifics. Just remember that the rates listed on MDN is best performing so you have to be like 780+ credit with good LTV.
http://www.mortgagenewsdaily.com/
You can also work up estimates on Zillow.
http://www.mortgagenewsdaily.com/
You can also work up estimates on Zillow.
irvinehomeowner
Well-known member
ps9.com
#jokes
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J
jmoney74
Guest
Irvine said:
bankrate.com is most widely used.
sgip
Well-known member
Bankrate is an advertorial site. The data is often curved by how much the participants wish to pay to bump their ads up the chart. MND has the FNMA MBS market which is much more accurate a guide as to a baseline of rate movement.
No one will be able to offer you "deliverable rate data" other than your lender. Every ad you see assumes absolute perfection in terms - 781 FICO, no questions about the HOA, impounds, number of properties financed, etc - details that your lender knows but an advertised rate provider doesn't.
Watching rates daily does not give a clear perspective on the trendlines. At MND if you click on "View More MBS Pricing", you'll bring up a daily shot on the direction of MBS pricing. Take a look at today (9/4/2014) and you'd think the market collapsed. Click on "Additional Charts". Pick the 5 day option. AYE CARAMBA! Look at those peaks and valleys. What's going on???. Now pick the 3 month chart. The range swings are even wider. Here's the big important picture - those swings in MBS prices represent .125% to no more than .25% in mortgage rate changes over the past 3 months. Essentially there's been little change in rates, statistically speaking, in 90 days. Every lender out there is .125% to .25% different in rate every single day, no matter what the market does. The lender you're working with might be .125% higher than some of the ad rates, but can those ad lenders meet the sellers timeline? Not often.
MND, BankRate, ZMM are best viewed as indicative pricing - trendlines - but not deliverable market rates by any stretch of the imagination. It may be important to look at these wave patterns, but try not to get hypnotized by them as often is the case. If your lender says the rate is X because the MBS market has gotten worse, at least you can see if that's true or not when you look at the MBS data, not by the rates that are being quoted in most cases.
My .02c
No one will be able to offer you "deliverable rate data" other than your lender. Every ad you see assumes absolute perfection in terms - 781 FICO, no questions about the HOA, impounds, number of properties financed, etc - details that your lender knows but an advertised rate provider doesn't.
Watching rates daily does not give a clear perspective on the trendlines. At MND if you click on "View More MBS Pricing", you'll bring up a daily shot on the direction of MBS pricing. Take a look at today (9/4/2014) and you'd think the market collapsed. Click on "Additional Charts". Pick the 5 day option. AYE CARAMBA! Look at those peaks and valleys. What's going on???. Now pick the 3 month chart. The range swings are even wider. Here's the big important picture - those swings in MBS prices represent .125% to no more than .25% in mortgage rate changes over the past 3 months. Essentially there's been little change in rates, statistically speaking, in 90 days. Every lender out there is .125% to .25% different in rate every single day, no matter what the market does. The lender you're working with might be .125% higher than some of the ad rates, but can those ad lenders meet the sellers timeline? Not often.
MND, BankRate, ZMM are best viewed as indicative pricing - trendlines - but not deliverable market rates by any stretch of the imagination. It may be important to look at these wave patterns, but try not to get hypnotized by them as often is the case. If your lender says the rate is X because the MBS market has gotten worse, at least you can see if that's true or not when you look at the MBS data, not by the rates that are being quoted in most cases.
My .02c