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How best to track mortgage interest rates?
Posted on 8/25/08 at 10:05 am
Posted on 8/25/08 at 10:05 am
I was told that briefing.com is a good place to watch. The problem is I don't know wtf I'm looking at over there :)
I think this is what he was talking about:
briefing bond market snapshot
Can someone give me the secret decoder ring for this stuff? Do mortgage rates closely follow the 10-year bond? If so, and I see something like this:
10:27 ET 10-Yr: +23/32..3.784%.. USD/JPY: 109.7200.. EUR/USD: 1.4779
Is that indicative of a likely drop in mortgage rates? If so, by approximately how much?
I think this is what he was talking about:
briefing bond market snapshot
Can someone give me the secret decoder ring for this stuff? Do mortgage rates closely follow the 10-year bond? If so, and I see something like this:
10:27 ET 10-Yr: +23/32..3.784%.. USD/JPY: 109.7200.. EUR/USD: 1.4779
Is that indicative of a likely drop in mortgage rates? If so, by approximately how much?
1
Posted on 8/25/08 at 12:01 pm to TBTH
Your mortgage rates react in a similar manner as the 10 yr bond, however they are not tied together. Your mortgage rates are actually tied to the fannie mae/ Freddie Mac securites being traded on the Chicago board. This information is not real accessible or generally in live time. What I tell my customers who are trying to figure out what the rates are is to check out our site daily after 10 am
www.integralendinggroup.com/INTEGRA_lock_advisory
We pay an outside firm to give us market/statistical info on the market and a lock recommendation--This analysis is not perfect but we have found it to be very helpful and breakdown what affects interest rates into layman terms. Hope this helps
www.integralendinggroup.com/INTEGRA_lock_advisory
We pay an outside firm to give us market/statistical info on the market and a lock recommendation--This analysis is not perfect but we have found it to be very helpful and breakdown what affects interest rates into layman terms. Hope this helps
This post was edited on 8/25/08 at 2:04 pm
Posted on 8/25/08 at 1:35 pm to lpsster
Thanks for the link! Looks like a lot of good information on there.
Posted on 8/26/08 at 1:56 am to lpsster
Thanks for the site. I'm supposed to close by Sept 12th. I've been shopping rates from 2 lenders. How long can I shop them and still close by then?
Posted on 8/26/08 at 9:55 am to TBTH
If you are going to be doing a conventional loan you can have the loan closed in a couple of days (2 min if you have appraisal and title work done) or 5 days if you need title and appraisal. If you are doing a VA/FHA loan you will need 2-3 weeks. If you give me some more info on your loan I can give you a quote on what the lenders you are speaking with should be offering. What is the purchase price? How much are you putting down? What term do you want?(30, 25, 20,15,10 year fixed or an ARM), what parish is the property located in?
Posted on 8/26/08 at 12:03 pm to lpsster
Pinal County, AZ
Purchase price: $186,000, seller paying closing costs and down payment.
I'm getting an FHA loan, 30 year fixed. Credit score is 620-630. Not too good, but my debt to income ratio is almost non-existent.
Purchase price: $186,000, seller paying closing costs and down payment.
I'm getting an FHA loan, 30 year fixed. Credit score is 620-630. Not too good, but my debt to income ratio is almost non-existent.
Posted on 8/26/08 at 12:18 pm to ASUTiger
You should be able to get 6.375% if you are paying an origination point and 6.625% with no point. Hope this helps
Posted on 8/27/08 at 12:16 am to lpsster
That's what I've been offered. You think I should go ahead and lock? The site you gave is updated before some of the important news comes out. Great info on there, though. I just wish they'd update it again after the end of the day.
Posted on 8/27/08 at 9:42 am to ASUTiger
I would lock if you are using down payment assistance from your seller--This program is going away on 9/30 and some investors have started to eliminate the program--so lock and go to closing.
Posted on 8/27/08 at 7:36 pm to lpsster
So 6.375's pretty good? I'm also getting a 1% buydown for the first year for free, so the first year is 5.375. I guess I'll pull the trigger then.
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