If you’ve been through a mortgage application and closing situation before, or even if this is your first time and you’ve been doing your research, chances are you know that mortgage interest rates fluctuate regularly. This is due to several factors, from the state of the modern economy to individual factors like credit score, down payment and others.
At Primary Residential Mortgage, we’re happy to explain the rate-related details for any of our mortgage loan options, whether you need a conventional mortgage, an FHA program mortgage or any of our other options. Here are some specific details on how often rates change, why this happens, and how you can view the current rates at any given time to decide on locking one in.
Rate Sheet Schedules
Mortgage rate sheets, which are distributed to banks and loan officers around the country, are given out in the morning of each day from Monday to Friday during a standard work week. The only exceptions here are major holidays.
Printed on these sheets are the current day’s mortgage rates, which loan officers can then provide to borrowers. The sheets will contain info on every loan program that financial institution offers, including both fixed and adjustable rates.
One note: While not necessarily common, rates can also change again within a given day. This usually takes a significant economic event, such as a major policy change, Fed meeting, or some kind of international policy event. This is rare, and your lender will let you know if there’s a chance of your rate changing within a given day if you’re thinking of locking in.
Mortgage Types and Movement
As we noted, these sheets will contain information on every mortgage offered by a given institution. Some basic trends or pieces of interest to keep an eye on here:
- In general, fixed-rate mortgages will fluctuate more than adjustable-rate mortgages. This is because ARMs come with short-term adjustable promotion rates, while fixed rates never change and therefore provide more risk to lenders.
- Freddie Mac vs Fannie Mae: Conforming mortgages backed by these industry giants may be slightly different, this despite the fact that what’s being offered is usually identical. In these cases, ask for both prices.
- Lender credit: These sheets also may contain information on lender credits that are offered, if applicable.
How You Can View Rate Changes
Most consumers do not have access to lender rate sheets – but these can be easily requested or accessed through your lender. Most such lenders have these available online, and you can always call and ask for an update on the current interest rate for any mortgage type you’re looking into. Bookmark reliable online sources for these rates and check them regularly.
For more on how mortgage rates fluctuate daily, or to learn about any of our mortgage loan services or rates, speak to the staff at Primary Residential Mortgage today.
*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646. Opinions expressed are solely my own and do not express the views of my employer.