I do not publish rates on my website. There’s a reason for that. I just don’t believe it is right or fair, as doing so can seriously mislead a potential borrower.
Tip: Mortgage rates can rise very quickly, but are often lowered in a slow, calculated manner to protect lenders from rapid market shifts.
Many lenders quote rates online in order to get you to call, but they fail to tell you that pricing loans is highly complex. Each borrower’s situation is unique. To give you an accurate rate quote, I need to do a detailed analysis of your financial situation. There are over 30 different factors that go into the pricing of a loan, including loan size, LTV, CLTV, credit score, credit history, escrow preference (impounds), closing date, loan type, property type, occupancy type, residency, available assets, asset seasoning, co-borrowers, debt ratio, housing ratio, employment type, employment history, documentation type, seller contributions, gifts, cash-out and value to name only a few.
Some lenders will try to quickly get a “lowball” rate and payment in front of you, without fully analyzing your situation, which could lead to surprises during the origination process, and could easily cost you more in the long run or a cancelled escrow contract.
I know what it feels like to be told one thing at the beginning and later to discover that something else is in fact the case. I prefer to quote accurately up front, and I take the time with you to do so. That way there are no surprises or disappointments.
An initial consultation of less than 20 minutes gives me most of the information that I will need to give you a meaningful and accurate rate quote. This is the beginning of a relationship that ultimately will provide you with the right mortgage loan best suited to your needs.
Where do Mortgage Rates Come From? Click the picture below to learn more…
How Mortgage Rates Move –
Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic and political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up. Tracking these securities real-time is critical. For more information about the rate market, please contact me directly. I’m among few mortgage professionals who have access to live trading screens during market hours.
Below is a sample of my screen from 9/29/14 so you can see what I watch very closely every day, all the time, to make sure my clients are getting the best possible rates when they lock their loans. I closely track the FNMA 30-year coupons, the GNMA 30-year as well as the 10 Year T-Note.
