Is there a good site that shows me how mortgage rates are most common?

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I am in the escrow account, pending lock on my credit. My lender said the price to kill me today, he grew a little. Is there a good way to track online so I can see what the current prices?

5 Comments
  1. Reply
    Alterfemego
    April 29, 2011 at 10:41 pm

    try bankrate.com

  2. Reply
    troseilnana
    April 29, 2011 at 10:46 pm

    I thought the Feds cut them again today..so you may want to wait a day or so before locking.

  3. Reply
    golferwhoworks
    April 29, 2011 at 11:43 pm

    no not really as the rates can be published as many times a day as the market dictates. I watch the market for certain trends and I knew we were getting an increase today around 10:00 a.m. about an hour before they were published. I have several that I did not lock as I think they will float back down. Also the FED Funds rate does not as some people who think they are in the know about have any thing other than residual effects on mortgage rates as it is only a trickle down effect and can take a month for that to happen. Fed Funds is between banks as an over night loan and the rate is 1.5% now. That makes for inflation across the board. The Market must correct.
    I am a mortgage banker in TN & KY as well as a former registered principal in investment banking

  4. Reply
    John Meussner
    April 30, 2011 at 12:10 am

    Bankrate isn’t a great source, as my rates are always better than what they offer, and rates can change on a whim (we had 4 reprices today w/most of my lenders).

    Also, the Fed cutting the rate usually forces rates upward, as inflation becomes a concern, and mortgage bonds hate inflation…this is not the case this time as there was a global rate cut to stave off inflation.

    Your best bet is to have a lender/broker you can trust. One thing about being with a bank is that once you’re locked in, you’re locked in. With a broker, you can switch lenders if pricing improves. They were right in that rates took a large hit today, but things should settle down and go right back to where they were shortly…possibly even lower as the election gets closer (funny how that works).

  5. Reply
    MikeyZ
    April 30, 2011 at 1:02 am

    http://www.zillow.com gives you average rates as reported by lenders nationwide. I found it to be an excellent indicator of what rate you can get and when.

    Click on the “Mortgages” tab at the top, followed by the “Mortgage Rates & Charts” tab on the right. Trends for 30- and 15-yr fixed, and 5/1 ARM are tracked by latest day, week, month and three-month. Latest day rates are updated hourly. Be sure to click the “quote volume” checkbox, as the higher quote volumes are more indicative of higher reliability of the current rate.

    Accept no substitutes.

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