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owenkorkie · Joined: 01 Dec 2008 Posts: 2 1.75 Dollars($)

Hello, I received have been pre-qualified for a 30 year fixed mortgage at 5.875% locked in for 30 days. I have been informed by the bank that if interest rates go down during this 30 days, they will lock me in at that for no charge. My question is this; as the banker does not have a vested interest in checking rates every hour or two on my behalf, is there anywhere that I can check what my rate could have been on previous days? I have been informed that only banks, mortgage companies, etc have up to the minute access of current rates. So again, is there any location on the internet that has previous days mortgage rates that I COULD have locked in?

jameshogg · Posted: Mon Dec 01, 2008 10:29 pm Post subject:

Hi owenkorkie,

Yes, you are absolutely correct that it is the banks and the mortgage companies who are able to know each and every change that takes place in the mortgage market. They will, thus, have a better knowledge of the rates. You can check out the following link to know about the mortgage rates:
http://www.mortgagefit.com/rates/

I hope this will help you.

Thanks

banker0679 · Posted: Tue Dec 02, 2008 6:23 am Post subject:

Hi owenkorkie, and welcome to Mortgagefit!

I would highly recommend that you shop around for rates.
All lenders should be able to provide with up to date pricing or hourly pricing. A bank MAY have a problem doing this as some banks dont give the 'rate sheets' to the loan officers. They give a pricing scenario in which the banker needs to rerun the scenario.

SHOP AROUND! it's the only way you're going to know you got a good deal.
Rates have dropped in the current days...

thanks
Robert

gmakerley · Posted: Tue Dec 02, 2008 9:07 am Post subject:

owen, you're correct in assuming that your lender isn't going to be updating your rate on an hourly basis. it may just be because you aren't the only borrower out there. it may also be that rates don't change every hour - sometimes rates don't change for a day or two (rare).

honestly, to be safe, you ought to do the work - call them regularly - about an hour after the doors open in the morning and maybe again early in the afternoon - just to get a sense for where things stand.

yes, rates went down "in the current days" to quote my favorite charlotte banker. however, rates also went up a time or two in the same timespan. overall, rates haven't changed drastically. you'll see miniscule changes from time to time.

as for the banks' desire to give you the best rate...lenders don't make money on interest rates any more; they make their income based on a whole variety of other factors, such as points and fees, to name a couple. they have no vested interest in hiding a rate change from you.

shopping around isn't a bad idea, but you could wear yourself out doing that. if you have a trustworthy loan officer, you'll be well-protected against severe rate changes that would affect you adversely.

owenkorkie · Joined: 01 Dec 2008 Posts: 2 1.75 Dollars($)

Hey everyone, thanks for all your input and suggestions (especially you George). It looks like I found another location to find daily rates... from FannieMae's web site.

"https://www.efanniemae.com/sf/refmaterials/hrny/index.jsp"

This seems to be a little more granular than the rates listed on this site.

Thanks, owen

[Link deactivated as per forum rules. Thanks]

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Where to check previous days mortgage rates?