If you are in the market to purchase a home, and intend to secure your purchase through a mortgage, you may want to monitor daily mortgage interest rates. Understanding and following trends in daily mortgage interest rates can make a big difference in the amount you actually pay over the course of your loan. Mortgage interest rates fluctuate daily. In fact, rates can vary within a single day, such that the rate reported in the morning on a particular day is different from the mid-day or late afternoon rate. And while there may only be slight variations within a day, or from day to day, monitoring daily rates can assist in recognizing trends in the lending industry.
In order to properly monitor daily mortgage rates, it is first necessary to know what you are looking for. Rates vary based upon both the type and the term of the loan. If you already know what type of loan you intend to apply for, then monitoring the daily rate is as simple as searching for the interest rate for that particular loan type. If, however, you are still assessing your loan options, then you may want to monitor the daily mortgage rates for each type of loan that you might potentially apply for.
There are many ways in which you can keep track of daily mortgage rates. For example, there a number of credible online sources which provide daily mortgage interest rate to consumers. Many of these websites offer the option to sign up to receive daily emails with daily mortgage interest rate information. Another option is to receive notifications through social media websites, such as Facebook, Twitter, Google+, or Linkedin, by selecting the ‘follow daily rate activity’ or similar follow option.
I subscribe to a fee based service that supplies me with text updates, every hour, 9 times a day that shows me the most recent trade that occurred in the bond market. It is wise for your loan officer to watch trading in mortgage backed securities because this is the indicator that will most closely resemble interest rates and also indicate a change in interest rates. As part of my service, I monitor the daily tradining activity so that we can best time an interest rate lock during the course of your escrow period.
For more information on daily interest rates,
Call Casey Moseman at (702) 271-1274