How to Track Mortgage Rates
Shopping for a mortgage rate is like buying a new pet. It is something you will have for years so you want to make sure you are happy with it.
In a volatile mortgage market like the one we are in right now it is hard to be an average citizen/homeowner and be able to gauge what the market is doing and when a good time would be to get into a new loan.
In this unique mortgage market those same factors that affected mortgage rates and could be used as indicators on where they were headed to not always apply anymore.
More than 300 mortgage banks have gone out of business during this real estate and economic crisis in the last two years. The one common thread for the ones that are still around is that they have been forced to reduce their staff to skeleton versions of what they once were to try and weather the storm.
As mortgage rates decrease and the demand for new loans increases the banks are finding themselves in a position of overflow. They no longer have the robust back office staff that can support millions dollars of new loans every day. To control the increased volume that is slowing down their processing turn times they are pricing themselves out of the market to deter new business while they catch up.
As a result we are experiencing a fluctuation of rates that is artificially caused by the inability of the banks to process loans as fast as they are coming in.
Do not try and monitor these swings on your own. Work with a mortgage company that watches these swings in real time. If you provide them with the documentation they need to qualify you for a loan they can watch for the sudden dips in the market and secure a low mortgage for you.
In a volatile mortgage market like the one we are in right now it is hard to be an average citizen/homeowner and be able to gauge what the market is doing and when a good time would be to get into a new loan.
In this unique mortgage market those same factors that affected mortgage rates and could be used as indicators on where they were headed to not always apply anymore.
More than 300 mortgage banks have gone out of business during this real estate and economic crisis in the last two years. The one common thread for the ones that are still around is that they have been forced to reduce their staff to skeleton versions of what they once were to try and weather the storm.
As mortgage rates decrease and the demand for new loans increases the banks are finding themselves in a position of overflow. They no longer have the robust back office staff that can support millions dollars of new loans every day. To control the increased volume that is slowing down their processing turn times they are pricing themselves out of the market to deter new business while they catch up.
As a result we are experiencing a fluctuation of rates that is artificially caused by the inability of the banks to process loans as fast as they are coming in.
Do not try and monitor these swings on your own. Work with a mortgage company that watches these swings in real time. If you provide them with the documentation they need to qualify you for a loan they can watch for the sudden dips in the market and secure a low mortgage for you.
About the Author:
Start your process by watching real time mortgage rates online. If your current rate is higher than today's rateit is time to partner with a trustworthy company to ensure you are getting a great deal.
posted by Debt Consolidation Loan at
10:08 AM
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